Oct 12, 2022
Brazilian Farmers are Slow Sellers of Their Soybeans
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Brazilian farmers are selling their soybeans, both the old crop and new crop, at a pace slower than last year and average. Farmers had sold 86% of their 2021/22 soybean production as of October 7th according to Safras & Mercado. This compares to 89% last year and 91% average and it represents an advance of 3.5% during the month of September.
Forward contracting for the 2022/23 soybean production is also running slower than prior years. As of October 7th, farmers had forward contracted 18.8% of their anticipated soybean production compared to 28% last year and 29.6% average. This represents an increase of only 0.2% during September.