Porto Alegre, May 11 2021 – The soybean trading of Brazil’s 2020/21 crop registered slower progress in April and the first week of May compared to March. Growers focused again on the harvest and delivery of volumes already contracted, besides the large volume already negotiated, which reduces the appetite for new sales.
According to a survey conducted by SAFRAS & Mercado, with data collected until May 7, 71.4% of the current Brazilian soybean crop (2020/21) have already been sold, up 4% from the percentage of the previous month (67.4%). The current percentage is equivalent to approximately 95.799 million tons already traded, out of an estimated crop of 134.09 million tons. In the same period of the previous year, the percentage was 85.2%, while the normal five-year average for the period is 64%.
For the new Brazilian soybean crop (2021/22), the percentage sold reaches 16.7% of a still hypothetical crop. In the same period of the previous year, the committed percentage reached 32%, while the average of the last two crops is 20%. It is important to note that as SAFRAS & Mercado has not yet released its first production estimate for the next crop, the same production figures of the 2020/21 crop were used for state and national calculations. This methodology will continue until July, when SAFRAS will disclose its traditional planting intention survey for the new crop.
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