With the expectation of a record soybean harvest, Coamo Agroindustrial Cooperativa is renting storage facilities and has resorted to temporary alternatives such as “silo bags” to receive cooperative members’ production in 2022/23, according to Coamo’s chairman of the board of directors, José Aroldo Gallassini. He added that cooperative members are selling the grain crop slowly despite falling prices, due to a “comfortable” financial situation that reduces the need for any amount of business. According to Gallassini, advance sales of Coamo 2022/23 soybeans are at 5% of the forecast total, compared to a range of 25% to 30% at the same time last year. Coamo expects soybean output to increase to 6 million tons in 2022/23, up from 3.18 million tons in the previous season.
Sources: Forbes/Reuters (*Translated by Ia Niani)