Sale of Brazil soya beans slows down

SAO PAULO: The sale of Brazilian soybeans has reached 35.4% of the estimated production in the 2022/2023 cycle, according to agribusiness consultancy Safras & Mercado on Monday, lagging last year’s level and the historical average.

Brazilian farmers had sold 48.5% of their crop at this time last year, while the five-year average for farmer selling in the period is 51.7%, Safras said, citing data collected up to last Friday.

Considering Brazilian soybean growers may harvest an estimated 152.43 million tonnes this year, a record, the total amount of soy already traded in would be just below 54 million tonnes, Safras data showed.

Factors that may be contributing to slow farmer selling in the world’s biggest supplier of the oilseed include delays in harvesting of this year’s crop, with rains in certain states disrupting progress of field work.

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