August 19, 2008

Brazilian sales of old, new soy remain slow

Brazilian agribusiness consultancy Celeres said late Monday (August 18) that Brazilian farmers had sold 88 percent of their 2007-08 soy crop in the week to August 14, compared to 87 percent the week before.

Celeres said Brazilian farmers had sold 87 percent of the crop over a five-year average.

The consultancy said a strong fall in prices on the Chicago Board of Trade was leading to less volume of soy sales in Brazil.

Sales of the new 2008-09 soy crop remained steady at 9 percent by August 14, compared to the week before and equal to the five-year average of 9 percent, Celeres said.

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