April 1, 2009
Brazil sales of 2008-09 soy crop up 42 percent
Forward sales of Brazil's 2008-09 soy crop rose to 42 percent by Friday (Mar 27), up two percent from the previous week, analysts Celeres said on Monday (Mar 30).
According to Celeres' latest forecast, sales of the crop, seen at 57.1 million tonnes, are well behind the 61 percent of the 2007-08 crop sold ahead by this time last year.
Celeres said deals have intensified, especially at the beginning of last week, when international soy prices surpassed US$9.50 per bushel.
Sales have been slower than usual this season due mainly to domestic low prices and lack or credit. The global financial crisis has dried up credit lines that producers, exporters and trading houses use to finance the planting, harvesting and sales of the crop.
Celeres also said Brazil's largest soy producing state, Mato Grosso, sold forward 60 percent of its crop, compared with 57 percent in the previous week but down from 80 percent this time last year.
About 52 percent of Brazil's expected crop was harvested by Friday, compared with 45 percent in the previous week and 52 percent a year ago.
