RIO DE JANEIRO (March 12 2003) : Brazil's Association of Vegetable OilsIndustries (Abiove) said on Tuesday it raised its 2002-03(October/September) soyabean crop forecast to a record 49.6 milliontonnes, from 48.3 million tonnes in January, due to favourable cropconditions.

The 2000-03 crop is seen 14.5 percent higher than the previous record of42.4 million tonnes in 2001-02.

Harvesting has started in Mato Grosso and Parana, Brazil's two mainproducers, and will shortly begin in No 3 producer Rio Grande do Sul.

Abiove forecast that the soyabean crop will be crushed into 21.8 milliontonnes of soyameal and 5.3 million tonnes of soyaoil, up from 21.4 millionand 5.2 million tonnes forecast in January, respectively.

Exports of soyabeans are now forecast at 20 million tonnes, soyameal 14million tonnes and soyaoil 2.35 million tonnes in 2002-03, compared with19.5 million, 13.5 million and 2.25 million tonnes, respectively, seen inJanuary.

Abiove's crop forecast mirrors the government's February projection of49.65 million tonnes in 2002-03, but is less than the US Department ofAgriculture's figure of 51 million tonnes.-Reuters