Soybean planting moved ahead at a good rate in Brazil last week under favorable weather conditions and attractive prices continued to spur steady forward selling of 2010-2011 crop soybeans by Brazilian producers, according to the Brazilian market consultant Celeres.
In a weekly report, Celeres estimated producers planted 16% of their intended soybean acreage last week, pushing planting progress to 61%, ahead of the five-year average of 58% and just behind last year’s pace of 62%.
In Brazil’s top soybean state of Mato Grosso, planting progress was put at 80%, up from 60% a week earlier, but behind last year’s pace of 87%. Planting was also said to be 80% complete in the No. 2 soybean state of Parana ahead of last year’s pace of 72%.
Celeres estimated that Brazilian producers had priced 31% of their upcoming harvest as of Friday, compared with only 19% a year earlier and the five-year average of 24%.
Farmers in Mato Grosso had sold 45% of their 2010-2011 soy by Friday, compared with 43% a week earlier and only 25% a year earlier, the firm said.
In Parana, the country's No. 2 soy-producing state, farmers had an estimated sold 27% of their beans as of Friday, compared with 24% the previous week and only 11% a year earlier.
Celeres said 97% of the 2009-2010 soybean crop had been sold as of Friday, the same as a year ago.
Editor’s note: Richard Brock, Corn & Soybean Digest's marketing editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.