Corn & Soybean Advisor says 47 percent of Brazil’s 2012-2013 soybean crop is already sold. That compares to 31 percent of the current year’s crop sold at this time a year ago. The on-line information service says about 35 percent of crop from the smaller farms in southern Brazil is sold but up to 60 percent has been forward contracted in Sorriso, Mato Grosso, the largest soybean producing municipality in the country. 60 percent is considered the most a grower would forward contract, anything above that would run the risk of not having enough to fill the contract.
The Advisor says most of the soybeans were contracted in July and August at 42 to 43 Reals per 60 kilogram sack which equals $9.42 to $9.64 per bushel in the U.S. Some were sold for as much as 60 Reals per sack or $13.46 per bushel.
No further sales are expected until the harvest of the new crop begins early next year.
One other note out of Brazil, the cattle herd, one of the largest in the world, increased 1.6 percent in 2011 to 213 million head. Hog numbers increased 1 percent to 39.3 million last year.