May 15, 2007

Celeres: Brazil's new soy crop 97 percent harvested, 62 percent sold

Brazil's 2006/07 soy crop is 97 percent harvested as of May 11 and 62 percent sold, agribusiness consulting group Celeres said Monday (May 14).

Local sales are on par with the previous five years at this time, according to Celeres.

Celeres analyst Anderson Galvao Gomes said in the report that he expects international soybean prices to be less volatile going forward, with lower soy stocks in the US leading to prices trending upward. Gomes continues recommending his clients refrain from selling until mid-June.

Brazil is the no. 2 soy producer behind the US.