November 27, 2007

 

Brazil 2007-08 soy crop 72 percent planted

 

 

Brazil's 2007-08 soy crop is 72 percent planted as of November 23, agribusiness consultancy Celeres said on Monday (November 26, 2007).

 

Plant development is going fine, with no major problems at this time, Celeres said.

 

Mato Grosso, the No. 1 soy growing state, has 89 percent of the crop seeded. Parana, the No. 2 producer, has 85 percent and Rio Grande do Sul, the No. 3 producer, has 50 percent planted as of November 23.

 

2007-08 Sales Figures

 

Sales of the new crop soy beans are around 32 percent compared to 31 percent in last week's report.

 

Of the total, sales are most advanced in Mato Grosso, with an estimated 45 percent sold. Parana has sold 17 percent of the new crop already and Rio Grande do Sul has sold 15 percent.

 

Celeres expects soy prices to rise on the Chicago Board of Trade due to Asian and European demand, coupled with higher input costs for US and South American soy growers.

 

Soy prices are expected to rise by around 8 to 12 cents on the CBOT Monday, with resistance for January soy at around US$11.10 per bushel. January soy prices closed Friday at US$11 per bushel.

 

The dollar in Brazil has been rising over the last several days following expectations of an economic slowdown in the US The dollar is now worth 1.82 Brazilian reals, up from seven-year lows at the start of the month, of around BRL1.73.

 

Brazil is the No. 2 soy producer behind the US.