Porto Alegre, November 8, 2021 – Soybean trading in Brazil had a slow advance in October and the first days of November. Growers increasingly demonstrate they are focused on the planting of the new crop and have little appetite for new business. Moreover, prices in the Brazilian market dropped throughout October in most of the country’s main trading regions, both for the physical crop and new crops, which helped to retract the selling side.
According to a survey carried out by SAFRAS & Mercado, with data collected through November 5, 92% of the current Brazilian soybean crop (2020/21) had already been sold, up 2.8% from the previous month (89.2%). The current percentage is equivalent to approximately 126.257 mln tons already traded, from a crop estimated at 137.304 mln tons. In the same period of the previous year, the percentage was 98.7%, while the five-year average for the period is 94.6%.
For the new Brazilian soybean crop (2021/22), the percentage sold was 30.6%, up 2.5% from the previous month (28.1%). The percentage is equivalent to nearly 44.318 mln tons of the early crop estimate of 144.71.2 mln tons. In the same period of the previous year, the committed percentage reached 55.1%, while the five-year average is 33%.
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