September 26, 2007

Brazil sold 25 percent of 2007/08 soy crop

Private Brazilian analyst Celeres on Tuesday (September 25) says Brazil has already sold forward 25 percent of the 2007/08 crop, up from the 23 percent the week before.

For the past five years, Brazilian producers on the average have sold 22 percent of the future soy crop by this time of year. A year ago, only 13 percent had been sold forward, Celeres said.

Brazil's 2007/08 soy crop is seen at a record 61.4 million tonnes, Celeres said.

The ongoing rise in soy future prices in the Chicago Board of Trade has encouraged Brazilian farmers to sell soy forward which will be delivered in 2008, Celeres noted.

Current crop sales have reached 91 percent, up from 89 percent last week and 89 percent last year.

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