November 15, 2011

Brazil new, old-crop soy sales gain 34% higher

The sales of Brazil's 2011/12 soy harvest increased 34% more of the total expected output of 75.5 million tonnes, up from 33% against last week, analyst Celeres said Monday (Nov 15).

Planting of the new crop was peaking across the centre-west and southern soy belt, where steady rains have fallen since early October. Skies were forecast to clear later this week in much of the soy belt, which should accelerate planting.

Sales of the old crop that ended harvest in May reached 95% of output, below sales of a year ago of 97%.

Brazil is the world's second biggest soy producer after the US and was expected to surpass it to become the largest exporter of the oilseed this year for the first time since 2005/06.