January 31, 2024

Brazil's soybean harvest reaches 11%

Brazil's soybean harvest for the 2023/24 season has reached 11% of the planted area, marking a 5-percentage-point increase from the previous week, and surpassing the 5% recorded at the same time in the previous year, according to agribusiness consultancy AgRural's latest report, XM reported.

The week saw intermittent rains in various states, slowing fieldwork in leading grain-producing state Mato Grosso but providing relief to areas, including Parana, grappling with high temperatures and low humidity.

As Brazilian farmers continue to harvest soybeans, they are concurrently initiating the planting of the 2023/24 second corn crop, which constitutes approximately 75% of the country's annual corn production and is cultivated in the same fields as soybeans.

11% of the anticipated second corn area had been planted in Brazil's centre-south. This represents an increase from the previous week's 5% and surpasses the 5% recorded at the corresponding time the previous year.

Brazil is the world's largest soybean producer and exporter, as well as a key supplier of corn.

-        XM