Porto Alegre, January 11, 2022 – Soybean trading in Brazil ended the year 2021 still advancing at a slow pace in December. Despite an improvement in the new crop business pace, the evolution of sales continues delayed when compared to the five-year average for this time of year. Regarding the old season, sales also ended the year ‘late.’
According to a survey carried out by SAFRAS & Mercado, with data collected up to January 7, 95% of Brazil’s 2020/21 soybean crop were sold, up 1.4% from the percentage of the previous month (93.6%). The current percentage is equivalent to approximately 130.454 mln tons traded, from a crop estimated at 137.304 mln tons. In the same period of the previous year, the index was 99.9%, while the five-year average for the period is 97.8%.
For the new Brazilian soybean crop (2021/22), the percentage sold reached 32.5%, with an increase of 4% compared to the previous month (36.5%). The percentage is equivalent to nearly 52.8 mln tons of a crop initially estimated at 144.712 mln tons. In the same period of the previous year, the committed percentage reached 57.7%, while the five-year average is 40.2%.
It is important to highlight that the current production estimate does not yet include production losses in southern Brazil. The next SAFRAS update on production will be released next Friday (14) and discussed in our next weekly report.
Copyright 2022 – SAFRAS Latam