[ad_1]
By Roberto Samora
SAO PAULO, Feb 17 (Reuters) – Brazilian grain growers are hoarding soybeans as domestic prices drop, according to the board chairman of Brazil’s biggest farmer cooperative Coamo, based in the south of the country.
In an interview on Friday, Jose Aroldo Gallassini said this year’s forward soybean sales are estimated at 5% of total projected output of 6 million tonnes by Coamo, compared with the 25% to 30% range last year at this time.
Gallassini said Coamo receives and stores grains from its member farmers even if the terms of the sale have not been set. This provoked a shortage of storage space, forcing the cooperative to rent additional warehouses and increasing use of so-called “silo bags.”
Last season, Coamo’s farmers harvested 3.8 million tonnes of soybeans, smaller than this year’s estimated crop because drought ruinedpart of the production.
Soybean prices started 2022 at 162 reais ($31.43) per 60-kilogram bag and quickly reached a record 200 reais at the harvest period, the executive said.
But prices have since fallen to levels close to last year’s 162 real level, Gallassini added, encouraging farmers to wait.
In 2022, Coamo received 7.470 million tonnes of grains like soybeans and corn at its 114 units, located in the states of Parana, Santa Catarina and Mato Grosso do Sul. This represented 2.8% of Brazilian overall production.
With more than 30,000 associate farmers, Coamo’s exported 2.1 million tonnes of grains last year, the executive said.
($1 = 5.1551 reais)
(Reporting by Roberto Samora Writing by Ana Mano Editing by Josie Kao and David Gregorio)
((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob: +55-119-4470-4529; Reuters Messaging: ana.mano.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
[ad_2]
Source link
