Brazilian farmers are in no hurry to sell the new soybean crop

As of October 6, Brazil sold about 35 mln tonnes of soybeans of the new harvest, which is about one-fifth of the expected production of the oilseed in the country in 2023/24 MY. Such data were announced by the experts of Safras&Mercado.

They note that the current sales of oilseeds are slightly more than 1% higher than last year, but 10% lower than the average for the last 5 years.

According to experts, local farmers are in no hurry to sell the harvest, as farms are provided with financial resources, while oil prices remain low.

For example, Stone X noted that in the largest soybean producing region in Brazil, Mato Grosso state, less than a third of the new soybean crop, which is still being planted, has been sold.

“At the same time, in Rio Grande do Sul and Parana states, only 12% and 16% of the new crop oilseeds were sold, respectively, and about a quarter of the old crop remains unsold,” the experts said.

Tags: Brazil, soybean