September 27, 2004

Brazil Soy Farmers Have Sold 82% Of 2003-04 Crop
 
Brazilian soy farmers had sold or committed to deliver 82% of the 2003-04 crop though Sept. 23, on par with last year's sales levels, local agricultural consultants Safras e Mercado said Friday.
 
Safras estimates that 49.9 million metric tons of soy have been sold in Brazil to date, leaving 9.14 tons available for sale.
 
While the sales levels are on par with last year, they are well behind the historical levels of 91%.
 
"Sales have been slow in recent weeks," said Flavio Franca, adding that that on one hand, producers are holding onto their soy in the hope that prices will increase and on the other hand, crushers are operating at low margins and are having trouble finding soy to buy on the market.
 
Franca said that the current scenario is worrisome and that Brazilian producers are likely to enter the 2004-05 harvest with soy from the 2003-04 harvest still on hand.