Progress of new soybean crop sales slows down in Brazil

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    Porto Alegre, October 14, 2020 – With a large volume of the new crop already negotiated, sales advanced at a slower pace in Brazil in September and early October. Farmers focus their attention on planting and begin to set aside new negotiations for delivery from February. Moreover, the delay in sowing and the lack of rains raise concerns about production, also hindering new sales.

     According to a survey carried out by SAFRAS & Mercado, with data collected until October 9, 98.4% of the current Brazilian soybean crop (2019/20) have already been sold, with a small increase of 0.5% from the previous month (97.9%). The current percentage is equivalent to approximately 123.38 million tons already negotiated, out of an estimated crop of 125.34 million tons. In the same period of the previous year, the index was 92.0%, while the normal five-year average for the period is 90.6%.

     For the new Brazilian soybean crop (2020/21), the survey points out that 52.9% have already been committed out of a crop estimated at 132.171 million tons, which is equivalent to roughly 69.88 million tons. There was an increase of 3.6% from the August figure (49.3%). In the same period of the previous year, only 25.8% had been sold. The five-year average for the period is 25.4%.

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