Soybean brazilian sales make little progress again in October

The trading pace of both the physical and new crops once again registered a small increase in Brazil in October and the first days of November.

Growers remain focused on planting, showing little interest in new trades. Furthermore, the lack of strength in domestic prices also helps hold back the selling side, which speculates on the South American weather market. It is important to remember that despite the moment being very volatile, the trend continues to point to weaker prices with the arrival of the new crop in Brazil, given the likely increase in South American supply this new season.

According to research carried out by SAFRAS & Mercado, with data collected until November 3, 89.5% of Brazil’s 2022/23 soybean crop were sold, an increase of 4.6% from the percentage of the previous month (84.9%). The current percentage is equivalent to approximately 139.734 mln tons traded, out of a crop currently estimated at 156.152 mln tons. In the same period of the previous year, the percentage was 89.2%, while the five-year average for the period is 94.2%.

For the new Brazilian soybean crop (2023/24), the data point to a theoretical percentage of sales of only 24.2% of the record production estimated at 163.254 mln tons, up 2.8% from the previous month (21.4%). In the same period last year, the percentage was 20.6%. The five-year average for the period is 34.5%.

Tags: planting, Brazil, prices, estimate, soybeans, Production, crop