October 14, 2008

Brazilian farmers planted 3 percent of the new 2008-09 soy crop by October 10, Brazilian agribusiness consultancy Celeres said Monday (October 13).

Celeres said that the new planting was up from 1 percent on October 3 and compared with a five-year average of 2 percent.

Mato Grosso, Brazil's top soy-producing state, has planted 5 percent of its soy area, while Parana, second largest producer, has planted 3 percent, according to Celeres.

Farmers in the center-west soy belt are traditionally first to start planting, ahead of the likes of Parana and Rio Grande do Sul states in the south of Brazil.

Meanwhile, Celeres said Brazilian sales of the old and new soy crop remained static in the week to October 10.

Celeres said Brazilian farmers had sold 93 percent of their 2007-08 soy crop in the week, unchanged from the week before and compared with a five-year average of 97 percent.

Brazilian farmers had also sold 17 percent of the new 2008-09 soy crop by October 10, compared with 17 percent the week before and 24 percent over a five-year average.

The consultancy said price volatility in international markets caused soy sales to slow to a halt in Brazil.

November soy on the CBOT on Monday (October 13) was around US$9.29 per bushel compared to nearly US$14 a bushel a few months ago.