The Cámara de Exportadores de Cereales y Oleaginosas is forecasting that the country will sow 1.7m hecatares with soya this year. It expects a crop of 5mt. Last year's crop weighed in at 4.2mt. The Cámara reports that soya exports will top US$1bn, since at least 60% of the crop has been sold forward. It points out that this is a pity because soya prices are now the highest they have been for a generation, and higher than when most Paraguayan producers took out their forward positions.
Currently, soya prices are over US$300 a tonne for delivery in March, April and May. A year ago the price was US$232 a tonne, and in 2002 it was US$185.
Paraguayan farmers will start to harvest their spring soya (sown in September) at the beginning of February.
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