Soybean farmers sales in Brazil reach 67% of 2016-17 crop: report


Brazilian soybean producers have sold 67% of the 2016-17 crop as of July 7, consultants Safras & Mercado said Friday.

One month earlier, sales had reached 58%, the firm said in a monthly report.

The current pace is behind last year, when 82% of the 2015-16 crop had been sold by early July. The historic average for sales as of July is 80%.

Farmers have been reluctant to sell the current crop due to relatively lower prices compared with last year, when domestic prices touched an all-time high underpinned by weak local currency.

Safras & Mercado estimated the 2016-17 soybean crop to be a record 113.4 million mt.


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