Futures Market News
Brazil preps for strong soybean crop
Feb 15, 2011 03:14 PM
The production and exports of soybeans in Brazil is pointing toward record numbers for 2011 due to healthy amounts of rain strengthening the development of the plants, Bloomberg reports, citing information gleaned from Oil World.
The South American nation's soybean production could reach as high as 71 million metric tons, an increase from last year's record of 68.7 million tons. Exports of the commodity might increase 13 percent to 33 million tons, which also would mark an all-time high.
"The Brazilian soybean crop is in excellent shape almost everywhere and initial harvesting resulted in very high yields," according to Oil World.
One region, Mato Grosso do Sul, was seeing 44 percent of soybeans in the pod-filling stage, marking an increase from 37 percent during the same period last year. Soybean growers are set to harvest 24.1 million hectares, an increase from 23.5 million last year.
The crop has especially benefited from average and above-average rainfall during the past six weeks.
"Crop development has been very good in the past few weeks almost everywhere," according to Oil World.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Free eBook — Gold Exposed: Spot Gold versus Gold Futures
Are you interested in trading gold futures but unsure of how to start?
Register for our FREE guide, and learn the ins and outs of the gold markets that will help answer many of your trading questions.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.