Brazilian Soy Crush Cut To 30.9 Million Metric Tons - Abiove

Brazil's estimate for the new 2008-2009 soy crush was lowered to 30.9 million metric tons from 31.6 million tons Thursday by the Brazilian Vegetable Oils Industry Association, or Abiove.

Brazil should produce 57.3 million tons of soybeans from the 2008-09 crop, down from Abiove's last estimate of 57.4 million tons given on July 4.

The estimate is close to Brazil's National Commodities Supply Corp., or Conab, which Thursday put the crop at 57.1 million tons.

Brazil is in the inter-harvest period for its soybean crop.

Abiove raised its export estimate to 26.2 million tons in 2008-09 due to strong buying from markets such as China. Abiove's previous export estimate on July 4 was 24.8 million tons.

Brazil's soy crush numbers are used as a market barometer that measures the size of the national soy crop and supply and demand.

Abiove members include the world's largest soy exporting companies, such as Bunge Ltd. (BG) and Archer Daniels Midland Co. (ADM).

Brazil is the world's No. 2 soy producer after the U.S.

-By Tony Danby, Dow Jones Newswires; 55-11-2847-4523; [e-mail]