Soybeans: Brazil exporters await market before selling remaining 40/50 million tons
RIO DE JANEIRO, BRAZIL – Soybeans left to be exported and traded in the domestic market have become financial assets for producers, waiting for a sharper definition of the American crop in sowing stage, reaching almost 45% of the area dedicated to the grain.
Some 40 to 50 million tons remain to be negotiated and which Brazilians will stretch to the maximum for better prices in Chicago and the domestic market, believes analyst Vlamir Brandalizze.
The record 4.7 million tons of grain exported in the 1st week of May, with revenues of US$2.1 billion, is part of the 90 million/t contracted in advance. Together with soy oil and bran, it totaled US$2.4 billion.
In this general calculation, 38.5 million/t exported in the year-to-date is subtracted; in the same period last year, 35 million tons were exported.
Weather conditions for the American crop point to an improvement in the coming days. And even considering the accelerated planting, more than 20% above last year, reinforces Brandalizze, the upward trend persists.
Large Brazilian supply – only a little remains in Rio Grande do Sul to be harvested -, and also high future supply from the United States, are still below the global demand, particularly by the elastic Chinese demand.
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