By Ana Mano
SAO PAULO, Sept 3 (Reuters) – Brazilian farmers who will shortly start planting their 2021/2022 soybeans have pre-sold a few quarter of their future crop, roughly half of gross sales commitments made presently final 12 months, agribusiness consultancy Safras & Mercado stated on Friday.
Brazil’s soybean ahead gross sales correspond to 25.6% of estimated output, in contrast with 49.3% presently final 12 months and a 24.9% historic common, Safras stated.
Brazil has pre-sold 36.Three million tonnes of the anticipated new soy crop. Complete manufacturing is pegged at 142.2 million tonnes by Safras.
The estimate confirms farmers’ tendency to hoard crops as a result of they anticipate costs to rise additional.
In Mato Grosso, Brazil’s prime grain state, ahead gross sales are estimated at 39%, down from 55% final 12 months. In Paraná, farmers pre-sold a 3rd of what that they had final 12 months, or 16% of the longer term crop. In Rio Grande do Sul, which like Paraná is anticipated to reap 21.1 million tonnes of soy within the new season, a mere 10% was pre-sold, down from 35% final 12 months, in keeping with Safras.
In relation to the present crop, which farmers completed harvesting months in the past, about 86% of it was traded in, approach under the roughly 98% presently within the final 12 months, Safras stated.
Meaning Brazil nonetheless has simply above 19 million tonnes of previous soybeans left to promote, Safras stated.
Betting on September rain forecasts, soy farmers in Mato Grosso – the place 1 / 4 of Brazil’s oilseeds is grown, plan to plant soybeans sooner than final 12 months. This can enable planting of a second corn crop, sowed in the identical fields after the soy is harvested, to happen inside the best local weather window.
(Reporting by Ana Mano; Enhancing by Dan Grebler)
(([email protected]; Tel: +55-11-5644-7704; Mob: +55-119-4470-4529; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
www.nasdaq.com