Forward Mato Grosso soy sales accelerate on higher prices: IMEA

Forward sales of the 2017/18 soybean crop in Brazil’s largest producing state jumped to 71.5% of the anticipated volume, a level only reached by the start of June last year, an IMEA update late Monday showed.

Sales at the end of April 2017 hit 63.3%, and only topped the 70% mark at the start of June.

The Paper Paranagua premium reached $1.60/bu last Friday, up from 81 cents a month ago, Agricensus price data shows, which amounts to a 3% rise in the outright price to $437.50/mt.

The premium since then has eased to $1.45/mt on Monday, as the underling futures moved up, keeping the outright price steady at its high.

Exports out of Mato Grosso raced ahead in March, nearly tripling from February to 3.41 million mt, up 15% from to last year according to customs data.

Shipment via Santos reached 50% of the total, up from 45% last year.

Total Brazilian soy export this March were 8.81 million mt, just behind last year’s March total of 8.98 million mt, customs data shows.

Brazil is set to hit a record soy crop of 119 million mt, the consultancy Agrural told Agricensus on Monday, up from the 114 million mt harvested last year.