August 15, 2007

Fifteen percent of Brazil's 2007/08 soy crop sold

Brazil's new 2007/08 soy crop has been 15 percent sold as of August 10, according to agribusiness consulting firm, Celeres.

The old crop, or 2006/07, has been 80 percent sold, Celeres said Monday (August 13).

In Mato Grosso, Brazil's No. 1 soy-producing state, 25 percent of the new 2007/08 crop has been sold. Almost 50 percent of Brazil's soy production comes from this state.

Meanwhile, Parana, No. 2 in the national ranking, has only 7 percent of its new crop sold, and Rio Grande do Sul, which is ranked No. 3, is just 3 percent sold.

This year's sale numbers are higher when compared to the same period in 2006, when only 8 percent of the then-new crop was already sold.

Mato Grosso also leads numbers for the old 2006/07 crop, with 90 percent already sold. Meanwhile, Parana has 64 percent sold and Rio Grande do Sul, 67 percent.

Brazil is the world's No. 2 soy producer behind the US.