Porto Alegre, October 2, 2023 – The trading pace of both the physical and new crops slowed down in Brazil in September and the first days of October.
Brazilian growers retreated again, this time in the face of prices that lost strength after several weeks of recovery. The decline in prices, which reflects the lows registered in CBOT futures contracts and export premiums, adds to the beginning of the new crop planting, which has become the focus of growers.
According to research carried out by SAFRAS & Mercado, with data collected until October 6, 84.9% of Brazil’s 2022/23 soybean crop were sold, up 5.1% from the previous month (79.8%). The current percentage is equivalent to approximately 132.556 mln tons traded, out of a crop currently estimated at 156.152 mln tons. In the same period last year, the percentage was 86.1%, while the five-year average for the period is 91.7%.
For the new Brazilian soybean crop (2023/24), the data point to a theoretical percentage sold of only 21.4% of the record-breaking production estimated at 163.254 mln tons, up 3.5% from the previous month (17.9%). In the same period last year, the percentage was 18.8%. The five-year average for the period is 30.6%.
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