July 3, 2007

Brazilian soy active on trading, farmers curious on price moves

Brazilian soy growers were active again on Monday (July 2), calling their brokers and locking in prices for both the current crop and 2007/08 crop, brokers and traders said.

Following Friday's surprising US Department of Agriculture report on US soy planting intentions, soy prices have been rising, with some in the market seeing US$11 per bushel in the future.

"Friday was very hectic and today (July 2) there are a lot of people calling, curious about prices but not necessarily closing business," said David Brew, a broker at Brasoja in Rio Grande do Sul state, Brazil's No. 3 soy producer.