SAO PAULO, April 9 (Reuters) – Brazilian soybean growers traded an estimated 14.2% of their subsequent crop, which can solely be planted within the final quarter of the yr in key farm states, in keeping with a report by agribusiness consultancy Safras & Mercado on Friday.
An estimated 18.9 million tonnes of the long run harvest had been offered prematurely, the consultancy stated, citing engaging costs as the explanation behind the offers.
Safras primarily based the projection on the belief that Brazilian farmers will harvest, in 2022, the identical as they’re reaping in 2021. Safras pegged Brazil’s complete output at 134 million tonnes within the present season.
“Pre-sales of the 2021/2022 crop are properly superior due to the nice costs,” Safras stated. Brazil is the world’s largest producer and exporter of soybeans, promoting most of its manufacturing to China.
In relation to this yr’s soybeans, which farmers are nonetheless harvesting in some states as rains delayed the work , Safras estimates round 90 million tonnes have been traded already.
(Reporting by Ana Mano Modifying by Marguerita Choy)
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