April 27, 2023

Brazilian farmers harvest 92% of 2022/23 soybean planted area

Agribusiness consultancy AgRural said Brazilian farmers have harvested 92% of the soybean area planted for the 2022/23 season as of last Thursday, an increase of six percentage points from the previous week, Nasdaq reported.

AgRural noted that all fieldwork has been finished in the centre-western and southeastern states in a statement, noting that at this time last year, 91% of the Brazilian soy fields had been harvested.

While Brazil is harvesting a record crop, Brazilian soybean port premiums have recently dropped to historical lows due to lukewarm Chinese demand, analysts and traders said.

Some were surprised by the size of the decline as the premium levels dropped as low as -200 basis points per bushel this week in ports like Paranagua for May shipments.

-      Nasdaq