Porto Alegre, December 12, 2023 – The trading pace remained slow in Brazil in November and the first days of December. Both the physical and the new crops have had only a few sales, which kept the percentages sold below the five-year average in this period.
With growers still focused on planting and speculating on possible greater production losses in Brazil, there has been little interest in new business in recent weeks.
According to research carried out by SAFRAS & Mercado, with data collected until December 8, 92.7% of Brazil’s 2022/23 soybean crop were sold, up 3.2% from the percentage of the previous month (89.5%). The current percentage is equivalent to approximately 146.23 mln tons traded, out of a crop currently estimated at 157.832 mln tons. In the same period of the previous year, the percentage was 92.6%, while the five-year average for the period is 95.9%.
For the new Brazilian soybean crop (2023/24), the data point to a theoretical percentage sold of just 27.0% of a record crop estimated at 158.23 mln tons, up 2.8% from the percentage registered in the previous month (24.2%). In the same period last year, the percentage was 23.6%. The five-year average for the period is 37.0%.
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