March 15, 2007

AgRural: Brazil's 2006/07 soy crop 51 percent sold as of March 13

Brazil's 2006/07 soy crop is 51 percent sold as of March 13, agribusiness consulting firm AgRural said Wednesday (Mar 14).

Last month, some 46 percent of Brazil's soy crop had been sold. Last year at this time, Brazil sold just 25 percent of the 2005-06 crop due to low local commodity prices. AgRural expects Brazil to harvest 57.4 million metric tonnes in the 2006-07 season.

The leading soy-producing state, Mato Grosso, has sold 72 percent of its crop, estimated to be around 15.6 million tonnes, according to AgRural. Last month, 66 percent of the state's crop was sold and just 42 percent was sold last year.

The no. 2 soy-producing state, Parana, has sold 41 percent of its crop. The number is vastly different than the Parana state Secretary of Agriculture's figure, released Wednesday, that put the number at 16 percent. AgRural's figures include cooperative sales to trading companies and not just direct farmer sales, according to local brokers.

Parana is expected to harvest 12 million tonnes of soybeans this season. Last month, Parana sold 32 percent of its crop. In 2006, it sold just 12 percent of its crop.

The no. 3 soy-producing state, Rio Grande do Sul, has sold 23 percent of its crop compared to 20 percent last month and just 11 percent last season. The state should harvest 9.5 million tonnes.

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