December 16, 2009

Brazil's upcoming 2009-10 soy crop is in the final stage of being planted, local agricultural consultancy Celeres said in a report.

Brazil's soy farmers had planted 91% of the 2009-10 crop as of Dec. 11 compared with a figure of 92% a year ago and 85% in the prior week, Celeres said.

The ample rain this year has helped planting in Brazil's main centre-west soy belt, but has delayed planting in parts of the south such as Rio Grande do Sul, the No. 3 soy producing state.

Rio Grande do Sul has just 65% of its soy planted as of Dec. 11 compared to 78% a year ago. But planting managed to gain pace from 45% planted last week.

Elsewhere, Mato Grosso, the No. 1 soy producing state, and Parana, Brazil's No.2 soy producer, had completed their planting.

The crop now being planted will result in a harvest of an estimated record-breaking 64 million tonnes of soy compared with 58.1 million tonnes for the prior harvest, Celeres said.

Celeres said that Brazilian soy sales remain unchanged from previous weeks with only small deals being done to cover planting expenses.

About 19% of the new 2009-10 crop was sold and 98% of the prior 2008-09 crop sold as of Dec. 11, the consultancy said.

Brazil is the world's No. 2 soy producer after the US.