Porto Alegre, November 18th, 2024 – The pace of Brazilian soybean trading advanced reasonably in October and the first days of November.
With very firm prices in the physical market, growers once again preferred sales of the 2023/24 crop, making little progress in sales of the new crop (2024/25). The trend continues to be for firm prices for the physical market until December, given the low availability of soybeans due to production losses during the season.
The trading of the 2023/24 soybean crop in Brazil now involves 92.6% of the projected production, according to a report by Safras & Mercado, with data collected up to November 8. In the previous report, with data collected through October 4, the number was 87.7%. Current data indicate an increase of 4.9% compared to the previous month.
In the same period last year, trading involved 89.5%, while the five-year average for the period is 92.9%. Taking into account the estimated output of 152.294 mln tons, the total soybeans already traded is estimated at 141.05 mln tons.
Regarding the new crop (2024/25), considering an initial production estimate of 171.780 mln tons, SAFRAS projects sales in advance of 28.2%, equivalent to nearly 48.394 mln tons. In the previous report, up to October 4, the rate was 24.8%. Current data indicate an increase of 3.4% over the previous month. In the same period last year, forward sales were at 24.2%, while the five-year average for the period is 33.0%.
Safras News