Soybean harvest in Brazil will amount to 151.55 million tons – StoneX

Contrary to the expectations of many, consulting firm StoneX adjusted its estimate of Brazil’s soybean production, increasing it by 0.8% from the previous estimate to 151.55 million tons. The market had expected a decline after a hot and dry growing season.

Even with the adjustment, the soybean crop is still projected to be 4% lower than last year.

The southern producing states of Rio Grande do Sul and Paraná saw heavy rains on Monday. States in the central-western region, including Mato Grasso and Goias, received about 2 inches of rain. Temperatures in both regions were more moderate after the previous week’s heat wave. Despite the recent rainfall, Mato Grasso and Mato Grosso do Sul still need more rainfall to restore soil moisture.

Climatempo predicts temperatures will return to higher levels this week with temperatures above 65ºF and brief rains in the south. Temperatures will rise higher – above 86ºF – in Mato Grosso, Mato Grosso do Sul and Goiás. Rains are expected every day, with amounts exceeding three inches.

Tags: soybean, Brazil