Brazil’s soybean harvest is well below last year’s pace

According to AgRural monitoring data, in Brazil, as of February 6, soybean harvesting was completed on 15% of the planned area (+6% for the week), which is significantly lower than on the same date of the previous year (23%). The pace of bean harvest is the slowest in 5 years.

The most active field work is carried out in the state of Mato Grosso, despite less favorable weather conditions. In the state of Paraná, one third of the planned soybean area has been harvested.

Experts note that the continued slow pace of soybean harvesting could lead to the risk of sowing second-crop corn later than February, when the “ideal window” for this type of work ends. The second corn crop in Brazil is planted after the soybean harvest on the same acreage.

In particular, 20% of the plan (+11% for the week) was planted to corn safrinha, well below the 38% planted a year ago. Despite the high sowing pace in Paraná and Mato Grosso do Sul, significant delays are noted in the states of Mato Grosso and Goiás.

Earlier, dry weather conditions in South America led to lower crop forecasts and higher soybean prices on world exchanges. Now experts expect that the large amount of rainfall will adjust forecasts upward.

According to CONAB, soybean production in the country is expected at 166.3 million tons, which is almost 19 million tons more than last season.

Tags: Brazil, soybean