Brazil begins harvesting of 2009-10 soy

Brazil's farmers are starting to harvest their first 2009-10 soy and conditions appear good.

Farmers in Mato Grosso, the prime soy-producing state in Brazil, are as usual the first to harvest their new crop.

A few areas have started to harvest their early soy at the end of December in the north of Mato Grosso, said analyst Glauco Monte.

Monte said that the weather has been favourable during the planting, with good rains. Yields look good at around 50-51 60-kg bags of soy per hectare, he added.

Many Brazilian soy farmers opted to plant their beans early this year with the hope of securing first-mover status. With their supplies coming to the market first, they hope to secure higher premiums.

Brazil's soy farmers typically start harvesting in December and this will continue to May in states such as Parana and Rio Grande do Sul in the south of Brazil.

Meanwhile, analysts pegged Brazil's 2009-10 soy crops at around 63.5 million tonnes.