Farmers in Paraguay Have Sold 87% of Their 2023/24 Soybeans

The 2023/24 soybean production in Paraguay is estimated at 9.95 million tons with 8.9 million produced as the first crop and 1.05 million produced as the safrinha crop planted after the first soybean crop was harvested, according to StoneX.

Soybean production southeastern Paraguay benefited from generally good weather during the growing season, whereas soybean production in the Chaco region of northern Paraguay was negatively impacted by hot and dry weather.

The principal areas for safrinha soybean production in Paraguay are the departments of Alto Parana and Itapua in southeastern Paraguay. Safrinha soybean production in northern Paraguay was impacted by adverse weather.

Farmers in Paraguay have sold 87% of their 2023/24 soybean production, which is the lowest in recent years due to low prices. Soybean prices in Paraguay have been pressured by larger production in neighboring Brazil and Argentina.

During the last few days of July and the first few days August, the basis in Asuncion turned positive for the first time this year. This should accelerate farmer selling of their remaining soybeans. In prior years, soybeans are generally 100% sold at this time of the year.

Farmers have purchased most of their inputs for the 2024/25 soybean crop which they will start planting in early September if the weather cooperates. The 2024/25 soybean production in Paraguay is estimated at 10.55 million tons including the first and safrinha crops.

Tags: first crop, prices, soybeans, Production, Paraguay, safrinha crop, estimate