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Soy Farmers Are 'Slow Sellers' in South America

30 April 2010

BRAZIL - Brazilian producers have sold only 48 per cent of their soybean crop as of 23 April, new statistics have revealed.

A report by Brazilian consulting firm Celeres found that farmers are down on the 55 per cent figure from the same time last year.

This news comes despite Brazilian farmers progressing well with their harvest, which is estimated to be 94 per cent complete, up from 89 per cent in April 2009.

According to the report, an unfavourable exchange rate between the dollar and Brazilian real is limiting sales of the soy product.

There is also a similar picture in Argentina, where soybean sales are being reported as 'moderate' in recent days.

This is because Argentine farmers are still discontent with the government's high soybean export taxes, according to the Corn&SoybeanDigest.

In other soybean news, the China National Grain and Oils Information Center predicted that the country is likely to import record levels of the crop in May.

TheCropSite News Desk



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