July 14, 2010

 

Brazil's 2009-10 soy sales at 74%

Brazilian farmers have sold 74% of the 2009-10 soy crop as of last Friday (July 9) on high soy prices and firm export premiums, local agricultural consultancy Celeres said in a weekly report.

 

Celeres said on Monday (July 12) Brazil's soy sales were up from 71% the week before but down from 78% at the same time a year ago.

 

Brazil, which is the world's No. 2 soy producer after the US, is expected to have produced a record 68.5 million tonnes of soy for the 2009-10 crop season, compared with 57 million tonnes the previous crop year. Brazil finished harvesting the 2009-10 soy crop in May.

 

Better international prices and firm export premiums have helped soy sales, said Celeres.

 

Brazilian soy prices have been lifted as a result of climbing international prices on the CBOT on tight availability of nearby supplies. Overnight, CBOT July soy was 5-½ cents higher at US$10.37-¼.

 

Farmers in Mato Grosso, Brazil's No. 1 soy producing state, have sold 91% of their soy as of Friday (July 9) compared to 88% the week before and 92% a year ago, Celeres said. Mato Grosso's farmers were the first to start their harvest and took the opportunity to sell earlier than other states.

 

Parana, the No. 2 soy-producing state, sold 61% of its beans as of Friday (July 9) compared to 57% the week before and 70% a year ago, Celeres said.

 

Farmers in Rio Grande do Sul, the No. 3 soy-producing state, are traditionally the last to harvest. They had sold 43% of their soy as of Friday (July 9) against 41% the week before and 52% a year ago.