November 24, 2010

Brazilian 2010/11 soy crop sales still at 31% 

Brazil's soy sales remained unchanged over the past week at 31% of the 2010/11 soy crop that farmers started planting in late September, analysts Celeres said Tuesday (Nov 23).

As of November 19, sales of the new crop, which is seen at a record 69.1 million tonnes, are ahead of the 19% sold this time last year.

Celeres also said forward sales were ahead of the 24% sold on average over the last five years at this period, as international soy prices trade down slightly from 15-month highs reached in early November.

Mato Grosso, the largest soy state and often the earliest to begin planting and harvest, had sold forward 45% of its crop, unchanged from the prior week and up from 25% sold this time a year ago.

Spring rains were slow to arrive in the main center-west states such as Mato Grosso this year, lagging last year by two months and historical averages by about a month and a half. But fresh showers have hit the region over the past weeks, forecasters Somar said.

Planting is in full swing across the main soy-producing areas of the grain belt.

Sales in No. 2 soy state Parana stood at 27%, unchanged from the week before, and up from 11% a year ago.

Sales of the now fully harvested 2009/10 crop also stayed unchanged over the past week at 97%, just off the 98% sold this time last year.