Datagro: Brazil 2023/24 annual soybean sales jump to 65.7% of crop production

Golden Ten Futures, June 13, according to foreign media reports, consulting firm Datagro said that Brazil's 2023/24 annual soybean sales reached 65.7% of expected production, up from 58.6% in the same period last year, but still well below the five-year historical average of 72.4%. "As the expected price increase did occur, the improved pace of business confirmed our expectations," Datagro economist Flavio Roberto de Frana Junior said in a statement. Considering the current production estimate of 147.60 million tons, Brazilian producers have so far negotiated 97 million tons of soybean sales. Brazil's 2024/25 annual soybean crop will be sown from September, and its negotiated volume reached 8.6% of expected committed production, a monthly increase of 3.4 percentage points. Datagro will release its planting intentions for the 2024/25 year in July. Datagro data shows that in corn, sales in the south-central region reached 31.7% of the projected total of 81.30 million tonnes in 2024, compared to 22.8% in the last survey and a multi-year average of 49%.