Brazil's soy crop for the 2012–2013 season has been revised up, to 79.08 million metric tons, from an already record estimate of 78.1 million metric tons, according to analysts Celeres.
Data is showing the planted area growing beyond previous estimates, they said, to 27.44 million hectares, up 1 percent from September numbers and up 9 percent from the 2011–2012 season. The top soybean-producing state of Mato Grosso will account for most of the new soy area, adding 11 percent to its soy area forecast at 7.78 million hectares. All of the main producing states — Parana, Rio Grande do Sul, Goias, Mato Grosso do Sul — and even lesser producer states, such as Minas Gerais and Bahia, will sow additional fields with soy this season, according to Celeres.
Farmers have sold 46 percent of the new soy crop currently being planted, up from 26 percent of the previous year's crop sold in 2011. The old soy crop of 66.3 million metric tons that ended harvest in May is 98 percent sold, up from 91 percent at this time in 2011, said Celeres.
Lower grain prices, increased demand for protein, reduced cattle numbers and slower-than-usual response to positive returns all point toward strong profits
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