Even with the harvest period in the United States and with the world's crop record, soybean prices keep moving up. In Brazil, the sector remains focusing on the possibility of government support. The CEPEA/ESALQ Index (Parana state) accumulated an increase of 3.6 percent between October 31st and November 16, closing at 15.38 dollars per bag of 60 kilos this Thursday. Export premiums also keep positive in this harvest period.
According to Conab (National Company for Food Supply), Brazilian soybean cultivated area is forecast for between 20.66 and 21.14 million hectares. The crop production is estimated between 53.92 and 55.24 million tons, increases from 0.9 to 3.4 percent in relation to the previous crop.
The USDA (United States Department of Agriculture) forecasts the North American crop production for 87.20 million tons - a record. The global production of 2006/07 crop projected by USDA is expected to reach 224.97 million tons. The global demand for soybean is also a record: 221.06 million tons.