Porto Alegre, August 13th, 2024 – The decline in futures contracts in Chicago, which created a more negative environment for the formation of domestic prices, held back growers for much of the month, reducing turnover in the main trading regions. Despite this, the high in the dollar and the firmness of export premiums brought positive moments to growers. In any case, the percentage of sales remains below the five-year average for the period.
The trade of the 2023/24 soybean crop in Brazil now involves 77.5% of the projected production, according to a report by Safras & Mercado, with data collected up to August 9. In the previous report, with data through July 5, the figure was 71.8%. Current data indicate an increase of 5.7% compared to the previous month.
In the same period last year, trading involved 75.6%, while the five-year average for the period is 82.2%. Considering the estimated production of 151.705 mln tons, the total soybeans already traded is estimated at 117.068 mln tons.
Regarding the new crop (2024/25), taking into account the initially estimated production of 171.542 mln tons, SAFRAS projects forward sales of 18.2%, equivalent to approximately 31.214 mln tons. In the previous report, up to July 5, the percentage was 14.6%. Current data indicate an increase of 3.6% over the previous month. In the same period last year, forward sales were at 13.9%, while the five-year average for the period is 22.7%.
Copyright 2024 – Grupo CMA