By Roberto Samora and Ana Mano SAO PAULO, Nov 13 (Reuters)
By Roberto Samora and Ana Mano
SAO PAULO, Nov 13 (Reuters) – Brazilian farmers have pre-sold an unprecedented quantity of their new soybean crop amid a rally in Chicago that compelled many to commerce of their beans even earlier than laying a single seed on the bottom this yr.
On Friday, agribusiness consultancy Datagro mentioned native farmers had offered 71.76 million tonnes of Brazil’s most prized export commodity by way of Nov. 6, akin to 53.4% of the estimated output for the present planting cycle.
A drought in components of Brazil delayed soybean planting this season, however analysts and the federal government imagine the nation will reap round 135 million tonnes within the 2020/2021 season, which might be a file output. Soy is generally sowed round September and October within the South American nation, and begins to be harvested round January and February.
“The affirmation of file soybean costs stored the market lively market and fueled consumers’ curiosity,” mentioned Flávio de França Junior, a Datagro analyst. He mentioned demand is especially robust for home processing.
(Reporting by Ana Mano and Roberto Samora in São Paulo Enhancing by Jane Merriman and Jonathan Oatis)
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