November 17, 2004

Brazil's Soybean Market Sales Slow in Past Week

Brazil's soybean market sales continued to move slowly over the past week, according to local agricultural consultants Celeres on Tuesday.

Sales of 2004-05 crop soybeans, which are currently being planted, progressed one percentage point over the last week to 12% of the total crop. The figure is well behind the 46% sold at the same stage last season.

Sales are also well behind the five-year average for this stage of the season of 33% sold.

Likewise, sales of 2003-04 beans were slow, although deals were registered. Brazilian farmers have presently sold 90% of their last crop, two percentage points higher than last week, but much lower than the 98% sold at the same stage last year.

Celeres forecasts Brazil will produce 64.0 million metric tons in 2004- 05, rising from 51.0 million tons last year.