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By Ana Mano
SAO PAULO, Feb 3 (Reuters) – Advance sales of Brazil’s 2022/2023 soybean crop rose slightly from last month but still trail last year’s and historical levels by a wide margin, according to data from Safras & Mercado on Friday.
Safras said forward sales of Brazil’s soy crop, which farmers are still harvesting, reached 30.5% of the estimated production so far in the season and involved 46.72 million tonnes.
The projection is based on expected output of 153.3 million tonnes this year, a record for Brazil, the world’s biggest soybean supplier.
Brazil’s slow pace of the soybean harvest and farmers’ hopes to get better prices for their beans are detrimental to forward sales.
Also, farmers tend to hold on to their grain in the face of market instability, analysts said last month, alluding to Brazil’s turbulent political transition, which threatened to affect the value of Brazilian assets, including country’s real currency.
In the same period last year, early sales of Brazil’s soy represented 44.1% of the crop while the five-year historical average is 44.8%, according to Safras.
(Reporting by Ana Mano Editing by Marguerita Choy)
((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob: +55-119-4470-4529; Reuters Messaging: ana.mano.thomsonreuters.com@reuters.net))
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