October 16, 2007

Brazil 2007/08 soy crop 39 percent sold as of October 10

Brazil's new 2007/08 soy crop is 39 percent sold as of October 10, agribusiness consulting firm, AgRural, reported on Monday (October 15).

The number is 20 percentage points higher than the same period last year, thanks to high soy prices.

March 2008 soy closed Friday over US$10 per bushel.

In Mato Grosso, the leading soy producer state, 60 percent of the new soy crop has already been sold. Number two Parana has 32 percent sold and No. 3 Rio Grande do Sul has sold just 10 percent of its new soy crop. All forward sales are greater than they were at this time in 2006 and greater than they were a month ago, AgRural said.

Old crop sales remain in the south, with 1.1 million tonnes available in Parana and Santa Catarina states, and around 1.7 million tonnes available still in Rio Grande do Sul.

Brazil is the world's No. 2 soy producer behind the US.