Brazilian soy crushing association Abiove said on Tuesday the nation would export 43 million tons of soybeans from this season's nearly harvested crop, down from its forecast of 44 million tons a month earlier due to weaker Chinese demand.
In an emailed report, Abiove insisted with its record production of 86.1 million tons and maintained its estimate for domestic processing at 37 million tons.
But Abiove General Secretary Fábio Trigueirinho also mentioned that the downward revision reflects slightly lower demand from China, by far the top buyer of Brazilian soybeans.
Abiove represents the top international soybean crushers operating in Brazil, including ADM, Bunge Ltd, Cargill Inc and Louis Dreyfus Corp.
U.S. soybean futures turned lower on Tuesday, pressured by talk of imports of soybeans or soymeal into the United States and worries that top global buyer China could reject more purchases, traders said.
China has been cancelling soybean orders due to a depressed local market. The country's top buyer, Shandong Sunrise Group, said last week that Chinese buyers may default on a further 1.2 million tons of soybeans worth about 900 million dollars being shipped from the United States and South America, to avoid incurring huge losses.