December 11, 2007

Brazil's 07-08 soy crop 34 percent sold as of December 7

Brazil's new 2007-08 soy crop is 34 percent sold as of December 7, agribusiness consultancy Celeres said on Monday (December 10, 2007).

The pace of forward sales remains relatively calm over the last few weeks, however, advancing by one percentage point over the last week.

Celeres has put the 2007-08 soy crop at 62.3 million  tonnes.

Mato Grosso, the No. 1 soy producing state, has 48 percent sold as of Dec 7. Parana, the No. 2 producer, has 18 percent sold and Rio Grande do Sul, the No. 3 producer state, has 16 percent sold at this time.

Mato Grosso and Parana have finished planting. Rio Grande do Sul should end the planting season in the next three weeks.

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