Soybean sales of the new Brazilian soybean crop (2019/20) registered good progress in October. Negotiations with the latest volumes of the physical crop (2018/19) had little progress.
Highs in Chicago and in the exchange rate in the first half of the month boosted new crop sales. The second half was marked by few deals.
According to a survey conducted by SAFRAS & Mercado, with data collected until November 8, 95.2% of the 2018/19 Brazilian soybean crop have already been sold, up 3.2% from the previous month index (92%). The current index is equivalent to approximately 113.55 million tons already traded, from an estimated output of 119.306 million tons. In the same period of the previous year, the index was 96.0%, while the normal five-year average for the period is 93.6%.
For the Brazilian crop of 2019/20, which is already being sown, 34.6% of an initially expected production of 125.75 million tons are already committed, with an increase of 8.8% over the previous month (25.8%). The index is equivalent to approximately 43.57 million tons. In year-ago comparative period, 31.3% were already committed, while the normal five-year average for the period is 26.8%.