July 21, 2008

Brazil soy market quiet after large traders cover shorts midweek

Brazil's soy trade remains relatively quiet Friday (July 18) despite a busy day mid-week in Paranagua, with large traders covering short positions, brokers said.

On Wednesday (July 16), Bunge Ltd. (BG) sold out of most of its long positions for August soy to buyers Archer Daniels Midland (ADM), Australian Wheat Board and mid-sized soy crushing company, Caramuru, said a Sao Paulo broker.

Brazil's soy supply is running tight as well, with nearly 80 percent of it sold nationwide.

Brazil plants soy in October.

Soy futures were trading up on Friday at around $15.28 per bushel for the August contract on the Chicago Board of Trade.

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