Brazil's Forward Sales of New Soybean Crop Ahead of 2023 Pace

The forward sales of Brazil's 2024/25 soybean crop had reached 18.2% by the end of last week, according to Safras & Mercado consultancy on Monday.

The pace of sales for the new crop, which will be planted starting in mid-September, is ahead of the same period last year (13.9%) but lags behind the average for the period (22.7%).

In the previous month's report, the forward sales figure was 14.6%, Safras noted, using an estimated production figure of 171.5 million tons. Regarding the old crop (2023/24), Safras estimated that 77.5% of the projected production had been sold. In the previous report, with data from July 5th, the figure was 71.8%.

At the same time last year, 75.6% of the crop had been sold, and the five-year average for this period is 82.2%.