October 2, 2007

Brazil's new soy crop 26 percent sold as of September 28 - Celeres

Brazil soy growers have sold 26 percent of the 2007/08 soy crop as of September 28, local agribusiness consultancy Celeres said Monday (October 1).

The country should produce around 63 million tonnes, according to Celeres' estimate.

Last week, around 25 percent of the new crop was committed to sale. Top producers like Mato Grosso have sold 39 percent of its 2007/08 crop as of September 28.

Old crop sales have slowed as well, to 92 percent compared to 91 percent last week. Mato Grosso has sold 98 percent of its old crop, followed by Parana, with 81 percent gone at this time. Brazil harvested around 58 million tonnes in the 2006/07 crop.

Brazil is the world's second largest soy producer and exporter behind the US.