HAMBURG (Reuters) - Rising biodiesel production may cut Brazil’s 2011 soyoil exports and Argentina’s soyoil shipments will also be lower than potential, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Brazil, the world’s No. 2 soyoil exporter, may sell only 1.50 million tonnes of soyoil overseas in the 2011 calendar year, down from 1.56 million tonnes in 2010, Oil World forecasts.
This is despite an estimated rise in Brazil’s 2011 soyoil production to 7.13 million tonnes from 6.93 million tonnes in 2010 as the country is on course for a record soybean crop, Oil World said.
Brazil’s 2011 biodiesel output is also expected to rise to 2.40 million tonnes from 2.11 million tonnes in 2010 and only 1.41 million tonnes in 2009, Oil World forecast. Soyoil is heavily used as a biodiesel feedstock in Brazil.
The picture is similar in Argentina, the No. 1 global soyoil exporter, where 2011 biodiesel output is also forecast by Oil World to rise to 2.3 million tonnes from 1.81 million tonnes last year.
But Argentina’s 2011 soyoil exports are still forecast to rise to 5.20 million tonnes from 4.94 million tonnes last year, it added.
Reporting by Michael Hogan; Editing by Anthony Barker