August 24, 2010

Brazil sells forward new 2010-11 soy crop

Brazilian soy producers have sold 12% of the 2010-11 soy crop that farmers will begin planting in the coming weeks, up slightly from 11% a year ago this time, analysts Celeres said on Monday.

Sales of the new crop as of August 20 were also up one point from the 11% sold a week prior, Celeres said.

Brazil's largest and often the first soy state to begin planting, Mato Grosso, is most advanced in sales with 19% of its crop sold ahead, up slightly from 18% the week earlier but on par with a year ago.

No. 2 soy state Parana has sold forward 9% of its new crop by last week, unchanged over the past two weeks but up from 6% last year at this time.

Producers have sold 85% of the record 68.5-million tonne 2009-10 crop by August 20, up slightly from 84% the week prior.

Sales of the current crop were still behind the 90% sold of the old crop last year at this time, Celeres said.

Mato Grosso is most advanced in sales with 96% of its crop sold, unchanged over the past two weeks and still lagging the 97% sold at this week last year.

Parana has sold 78% of its crop by last week, up from 76% the week before but lagging the 88% a year ago.

In Rio Grande do Sul, the third largest producer state, growers have sold 62% of the crop, up from 60% from the prior week but behind the 67% sold a year earlier, Celeres said.