May 14, 2018

Brazil Soy Harvest nearly complete, Farmers have sold 64% of Crop

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

Brazilian farmers have nearly completed harvesting their 2017/18 soybean crop and their full-season corn crop. According to the consulting firm Datagro, as of May 4th, the Brazilian soybean crop was 98% harvested and the full-season corn crop was 95% harvested.

According to Flavio Franca Junior from Datagro, Brazilian farmers have taken advantage of the recent domestic price strength to sell 64% of their 2017/18 soybean production. This is well ahead of the 52% sold last year at this time and slightly above the 5-year average of 62%. The sales percentage was up 10% over the past month, which is more than the normal 6% increase per month typical for this time of the year.

They are estimating the 2017/18 Brazilian soybean crop at 116.7 million tons, which is a new record high production and up 2% from last year. The current sales volume is even more impressive when you consider that they have 2% more soybeans to sell compared to last year.

The full-season corn harvest was approximately 95% complete as of May 4th, which is a little slower than last year and the 5-year average. Brazilian farmers have sold 27% of their full-season corn production compared to 46% last year and 37% for the 5-year average. They are estimating that the full-season corn production will be 26.0 million tons, which is down 16% compared to last year.

The safrinha corn crop is still developing and a few fields may be harvested by the end of May. Brazilian farmers have sold 32% of their anticipated safrinha corn production compared to 29% last year and 40% for the 5-year average. The safrinha corn crop will account for approximately 70% of Brazil's total corn production.