Some Brazilian soyabean farmers in the state of Goiás have decided to pause sales of the crop that is currently being harvested, betting on improved prices ahead due to output losses seen in parts of the country, they told Reuters during a crop tour.
Goiás is one of the three agricultural powerhouses in Brazil's center-west region, along with Mato Grosso and Mato Grosso do Sul. It is Brazil's fourth largest soya producer, expected to harvest 11.3 million tonnes of the oilseed. But parts of the state, particularly in the south, were hit by a dry spell in December that hurt fields.
"Since we've heard of some significant losses, we've decided to wait for prices to improve," said Murilo Monteiro, who plants soya and corn in 680 hectares in the municipalities of Jataí and Serranópolis, in Goiás.
He said overall yields so far in his fields are about 10 percent below last year, averaging 62 bags (60-kg) per hectare.
Farmers already have sold about 50 percent of the production, as many deals were closed in the second half of last year amid the Chinese buying spree as the trade spat with United States boosted Brazilian demand.