March 4, 2008

Brazil's 07-08 soy crop close to 60 percent sold

Brazil's new 2007-08 soy crop is 59 percent sold as of Feb. 29, farm consultancy Celeres said Monday (March 4, 2008).

High soy prices are pushing farmers to market faster than ever. Historically, just 48 percent of the crop tends to be sold at this time of the year.

The harvest is currently underway. Celeres estimates a 58.9-million-tonne soy crop, roughly on par with what the National Commodities Supply Corp., or Conab, has estimated. A new Conab estimate will be made available on Thursday at 1230 GMT.

The No. 1 soy-producing state, Mato Grosso, has sold 77 percent of its new crop, followed by Goias, another major center-west producer, with 71 percent sold at this time.

The No. 2 soy-producing state of Parana has sold 40 percent and No. 3 Rio Grande do Sul has sold 33 percent. All four states are up just one percentage point from figures published in Celeres' Feb. 22 report on advanced sales to traders.

Brazil's new 2007-08 soy crop is 16 percent harvested as of Feb. 29, Celeres said.

Last week saw just 11 percent of the crop harvested.

The main soy belt in the center-west has harvested 30 percent already, compared with 21 percent last week, with Parana, the No. 2 producer state behind Mato Grosso in the center-west, having harvested around 11 percent so far.

Brazil is the world's No. 2 soy producer behind the US.