November 29, 2011

Brazil's 2011/12 soy sales up by 38%

Of the total expected production of 75.5 million tonnes, Brazil's 2011/12 soy crop sales rose to 38% up from 36% a week earlier, analysts Celeres said on Monday (Nov 28).

Planting of the new crop is peaking across the centre-west and southern soy belt, where steady rains have fallen since early October.

Conditions are forecast to turn drier over the next 10 days in the southern producing states of Rio Grande do Sul and Parana.

Sales of the old crop that ended harvest in May reached 97% of output, nearly on par with sales of a year ago.

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