August 22, 2007

Brazilian soy farmers sold 15 percent of 2007/08 crop

Brazil's 2007/08 soy sales were sold at 15 percent, up from the 10 percent sold at this time last year but unchanged from the week before, private analyst Celeres said late Monday (August 20).

On average, Brazilian producers have sold an average of 13 percent of the future soy crop by this time of year.

Celeres made its first forecast of the 2007/08 crop on Aug. 6 at 61.4 million tonnes.

In its weekly soy report, Celeres said current crop sales have reached 81 percent of the soy crop, up from the 80 percent sold the week before but behind the 84 percent sold by this time last year. This is due to high volatility in international prices and expectation of higher prices.

Celeres estimates the 2006/07 (Oct/Sept) soybean crop at a record nearly 59 million tonnes. Harvesting finished in May.