April 24, 2012

Brazil's 2011-12 soy crop sales up 75%

Of the total expected production of 67.9 million tonnes, Brazil's 2011-12 soy crop sales rose to 75%, up from 72% a week earlier, analysts Celeres said on Monday (Apr 23).

Harvest is days from ending across the main soy belt, where rain has been less than optimal this year and will keep the world's No. two soy producer at least seven million tonnes shy of last year's record harvest of 75 million tonnes.

Celeres said harvest has reached 93% of the crop area by April 20, up from 88% in the week prior. Last year at this time, 91% of the crop had been collected. The No. one soy state Mato Grosso, No. two soy state Parana and No. four soy state Goias are finished with harvest.

Brazil is the world's second biggest soy producer after the US and is expected to surpass it to become the largest exporter of the oilseed this year for the first time since 2005-06.