October 21, 2008

Brazil's old 2007-08 soy crop was 93 percent sold as of October 17, trailing the country's historic average of at this time of year, said agribusiness consultancy Celeres on Monday (October 20).

Celeres said that business for old and new crop was at a standstill, with little export business being done due to tight credit, market volatility and low prices.

The old 2007-08 soy crop has not moved from the 93 percent sold the week before on October 10 and the five-year average of 97 percent.

Celeres soy market analysts said the new 2008-09 soy crop was 18 percent sold as of October 17, compared to 25 percent over a five-year average and 17 percent from the week before.

Celeres said 6 percent of Brazil's new 2008-09 soy crop had been planted by October 17 compared to 3 percent the week before and 5 percent over a five-year average.