December 1, 2010

 

Brazil's 2011-11 soy crop in final phase of seeding

 

 

Brazil's 2010-11 soy crop is in the final stage of planting, agricultural consultancy Celeres said on Tuesday (Nov 30).

 

Farmers had planted 85% of the expected total soy area projected as of November 26, Celeres said.

 

The area seeded with soy in Brazil - the world's second largest producer of the oilseed after the US - compares with 82% of the expected area a year ago and 75% one week earlier, according to Uberlandia, Brazil-based consultancy Celeres.

 

Soy planting had been delayed in Brazil in October due to a lack of rain in many regions.

 

Growers in Mato Grosso, Brazil's largest soy-producing state, had been forced to postpone seeding in some parts of the state in October due to the La Nina weather phenomena which caused drier than usual weather.

 

The most recent analysis issued on Tuesday (Nov 30) estimates that 96% of the projected area of 6.15 million hectares to be planted to soy in Mato Grosso state had been seeded as of last Friday. This compares with a figure of 91% a week ago and 100% one year ago, according to the consultancy. Farmers in Mato Grosso typically are the first to begin planting in Brazil.

 

Growers in Parana, the country's second-largest soy-producing state, had seeded 99% of their crop as of last Friday, according to Celeres. This compares with a figure of 94% a year ago and 93% one week ago. Parana state had more favorable rain in early October.

 

Prices of soy rose 1.1% in Brazil's currency, the real, in the week in the domestic market, according to Celeres. Prices have risen 5.9% in the last 30 days, according to the report.

 

Brazil's upcoming 2010-11 soy crop was 32% sold as of Friday, compared with 31% for the previous week. Sales of the upcoming crop are ahead of the 20% one year ago, according to Celeres.

 

Many growers have to sell their crop in advance to raise cash. Brazilian growers start harvesting their soy crop in February and finish in May.

 

Celeres estimated that 98% of the 2009-10 crop had been sold as of last Friday, unchanged from a year ago.