Following a busy February and March, the Brazilian soybean market has slowed dramatically over the past two months, despite local prices remaining firm.
As a result, sales of the 2014-15 crop remain well behind last year.
Brazilian farmers had sold just 60% of their beans as of May 4, down 12 percentage points on the five-year average, according to Safras e Mercado, a local grain consultancy. Sales in Mato Grosso totaled 71% down from an average of 83%.
There are a couple of reasons for the slowdown.
Farmers simply don't have to sell so many soybeans after harvesting a record ...