December 13, 2023

Brazil's soybean planting reaches 91%

Brazil's soybean planting for the 2023/24 season has reached 91% of the expected area, according to agribusiness consultancy AgRural, Nasdaq reported.

This marks a 6-percentage point increase from the previous week. However, the current pace falls behind last year's levels when 95% of the areas had been planted at the same time, as noted in AgRural's statement.

The consultancy recently adjusted its crop forecast for the year, reducing it from 163.5 million tonnes to 159.1 million metric tonnes. This revision was attributed to excessive heat and insufficient rainfall in key producing states, particularly Mato Grosso.

AgRural said Mato Grosso remains the biggest concern, as rains remain below average and very high temperatures continue to weigh on productivity. Additionally, concerns about insufficient rainfall and rising temperatures are emerging among farmers in the North and Northeast regions of Brazil.

In another update, AgRural reported that farmers in the centre-south of Brazil have planted 95% of the expected area for their first 2024 corn crop. Although this represents an increase from the previous week's 91%, it falls slightly below the 96% recorded at the same time last year.

-      Nasdaq