16.
11.20
08:45

Very large pre-sales of corn and soybeans in Brazil

Brazil's farmers have already sold a very large amount of their expected soybean harvest in advance, as the prices of this oil fruit on the derivatives exchange in Chicago offer extremely attractive prices. However, many farmers have not yet planted the seeds for the coming harvest.
On Friday, agribusiness consultancy Datagro announced that by November 6, farmers had sold 71.76 million tons of the valuable soybeans, which is 53.4% of the estimated production from the last harvest.
A drought in parts of Brazil is delaying soybean planting this season, but analysts and the government believe the country will harvest around 135 million tons in the 2020/2021 season, which would be a record production. Soy is usually sown in September and October in the South American nation and begins harvesting in January and February.
The high price level for soybeans is now also arousing buyers' interest in the physical domestic market. The demand for domestic processing is particularly high now.
The corn trade is also ahead of schedule thanks to good demand in the export market and internal purchases from the booming Brazilian meat packaging industry, which sells pork, chicken and beef around the world and uses the grain as fodder.
According to Datagro, Brazilian farmers have pre-sold 38.7% of their second corn crop, more than twice the historical average of 15%. They also pre-sold 21.2% of their first corn, that's at least four times more than in the same period in 2019.
The government predicts Brazil will bring in 26.5 million tons of corn this summer and more than 76 million tons of the second corn, which will be planted after soybeans are harvested in early 2021.

Source
Hansa Terminhandel GmbH
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