RIO DE JANEIRO, BRAZIL - Brazilian oilseeds trade lobby Abiove is launching a tool to monitor farmers' fulfillment of soy contracts, as global merchants seek to secure deliveries of grains sold in advance in the 2020/2021 cycle.
The initiative comes as Brazilian farmers presold half of their soy crop by last August, an unprecedented amount, sparking fears among trading companies that some could fail to deliver grains and force contract renegotiations.
Robust demand from China sent soy prices soaring to multi-year highs in recent months, causing some Brazilian farmers to regret pre-selling so much soy before a single . . .
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