September 12, 2007

Brazil 2007/08 soy crop sales reach 21 percent

Brazilian soy producers have sold forward 21 percent of the 2007/08 crop, up from the 19 percent of the future crop sold the week before, private analysts Celeres said.

On average over the past five years, Brazilian producers sold 19 percent of the future soy crop by this time of year. A year ago, 12 percent of the new crop had been sold forward, Celeres said.

Brazil's 2007/08 soy crop was seen unchanged from August's forecast of 61.4 million tonnes, Celeres said in a report late on Monday (September 10).

Current crop sales have reached 87 percent, up from the 85 percent sold last week but behind the 88 percent sold by this time last year.

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