Soyabean sales in Brazil are lagging behind last year’s figures as farmers are hoarding the crop in hopes of fetching better prices, according to a Brazilian market consultancy.

Data from Safras & Mercados showed that soyabean farmers had so far sold 58% of the projected crop this season, well behind both the 76% at this time last year and the average figure of 74%, Reuters wrote on 5 June.

Luiz Fernando Guierrez Roque, a Safras consultant, said the key factors behind lagging sales were a stronger Brazilian currency and the price of less than US$10/bushel on the Chicago Mercantile Exchange.

A year ago, the price per bushel was US$12 – translating to about 90 reals (US$27.35)/kg – but such prices were out of the question in the current market, according to Roque.

Brazilian farmers were hoping for a “climate event” that could ruin the expected record harvest in the USA, but Roque said: “The strategy is risky as no climate event would mean US farmers would harvest a full crop.”

Safras projected a bumper soya crop of 113.3M tonnes for the 2016/17 season from Brazil, out of which the total traded by farmers was 66M tonnes on 5 June.