The pace of soybean sales for the 2021/22 and 2022/23 Brazilian crops slightly improved in November and early December but continued below the five-year average.
Growers remain focused on planting and crop development of the new season, showing little interest in new business with both the available and new crops.
In any case, there was a reasonable improvement in the commitment pace of the new crop compared to recent months.
The good capitalization of growers in the central and northern regions of the country continues to be the main factor that impacts growers’ interest in new business.
According to research carried out by SAFRAS & Mercado, with data collected up to December 8, 92.6% of Brazil’s 2021/22 soybean crop were sold, with an increase of only 3.4% compared to the percentage of the previous month (89.2%). The current percentage is equivalent to approximately 117.948 mln tons traded, out of an estimated crop of 127.439 mln tons. In the same period of the previous year, the percentage was 93.6%, while the five-year average for the period is 96.0%.
For the new Brazilian soybean crop (2022/23), the percentage sold reaches 23.6% of the production estimated by the survey on planting intentions by SAFRAS & Mercado, up 3% from the previous month (20.6%). The current percentage is equivalent to approximately 36.524 mln tons traded, out of a potential crop initially estimated at 154.532 mln tons. In the same period last year, the percentage was 32.5%, while the five-year average for the period is 37.6%.