January 21, 2008

Brazil new soy crop sells 52 percent as of January 15

Brazil's 2007-08 soy crop is 52-percent sold as of January 15, farm consulting firm AgRural said Friday.

The number is six points higher than the group's last estimate in late 2007.

In Mato Grosso, the leading soy producer state, some 73 percent of the crop has already been sold. Early-cycle soy is currently being harvested, but the bulk of the crop will not be harvested until March.

Parana, the second largest producer, sold 50 percent of its crop and the third, Rio Grande do Sul has sold 20 percent of its crop, similar to sales made at this time last year.

Smaller producers in the northeast, mainly Maranhao and Piaui, have sold 67 percent of their crop already on high soy prices.

Soy prices on the Chicago Board of Trade closed Thursday at US$12.71 per bushel for the March contract.

AgRural estimates that Brazil should harvest around 62.4 million tonnes of soy this year.