October 5, 2010

Brazil's soy growers sell 19% new crop

Brazilian soy producers have sold 19% of the 2010/11 soy crop that farmers have just recently started to plant, up from 18% a week earlier, analyst Celeres said on Monday (Oct 4).

As of October 1, sales of the new crop, which is seen at a record 69.1 million tonnes, were ahead of the 14% sold this time last year. Celeres said forward sales were just ahead of the 18% sold on average over the past five years at this period.

Mato Grosso, the largest soy state and often the earliest to begin planting, had sold forward 28% of its crop, up from 25% the week prior and 22% sold this time a year ago.

Sales in Parana, the second major soy state, were 15% of its crop, up from 14% the week before and 9% a year ago.

Sales of the now fully harvested 2009/10 record crop of 68.5 million tonnes edged up to 91% from 90% the week before, but still lagging the 93% sold this time last year.