USAgNet – 05/12/2005 –
International soybean buyers are steering away from Brazil this year due to a strong Brazil currency, farmer stock retention and crop losses, according to bean traders.
Last year producers had to wait in long lines at the Parangua port to deliver their soybeans. This year there are no lines as producers hold onto their stock in hopes of better prices.
Brazilian soybeans are being offered at 20 to 23 cents per bushel over the November soybean futures contract for August delivery.
As a result, one major export firm estimates that only 30% of the country’s soybeans have been sold, compared to 60% last year at this time.
Source: Wisconsin Ag Connection