Brazil Soybean Crop Breaking Records

Harvest and export records are being broken.

The 2007-08 Brazil soybean harvest is moving forward rapidly and as predicted it will be a record crop. Estimates from several groups are all running well above last year's record 58.5 million tons. Farm consultant Ag Rural places the crop at 63 million tons. Projections also show that exports of the soy crop will likely break old records as well.

More than 46% of the crop has been harvested, which is 11% ahead of the five-year average. According to agribusiness consultant Celeres 62% of that has already been sold. Farmers are moving to forward sell beans faster than ever before due to the good soy prices. Usually forward selling is around 53%.

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