February 21, 2023

Farmers in Brazil harvest 25% of soybean area planted for 2022/23 season

Agribusiness consultancy AgRural said farmers in Brazil have harvested 25% of the soybean area planted for 2022/23 season, as work in the fields moves quickly in the nation's top grain-producing state, Mato Grosso, Nasdaq reported.

AgRural said harvesting increased by eight percentage points from the previous week. 33% of Brazilian soy fields had been harvested at this time last year.

Due to a severe drought in Rio Grande do Sul, Brazil's most southern state, the consultancy cut its forecast for this season's soybean production there from 152.9 million tonnes to 150.9 million tonnes. This would still be a record amount of soybeans produced.

AgRural highlighted the quick development in Mato Grosso while warning that Parana and Mato Grosso do Sul, where harvesting was very sluggish, may experience quality issues as a result of ongoing rains.

AgRural said that Brazil's second corn planting, which accounts for roughly 75% of the nation's annual corn production and is grown in the same areas as soybeans, fell short of last year's levels.

The consultancy said 40% of the anticipated second corn area had been planted in the center-south region, up from 24% a week earlier but still less than the 53% planted a year ago.

AgRural also said Mato Grosso and the neighbouring state of Goias helped boost weekly figures, but in western Parana, where the delay is significant, there is worry about the planting window that is scheduled to close on February 28.

-      Nasdaq