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March 15, 2017

Soybean Harvest in Brazil Reaches 56%

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

The weather in Brazil has been drying out for the last several weeks and that has allowed the soybean harvest pace to accelerate. According to AgRural, the soybean harvest in Brazil reached 56% late last week compared to 52% last year and 47% average.

In Mato Grosso the soybeans are now 88% harvested compared to 76% harvested last year and 74% average. With the dryer weather, the soybean harvest in Mato Grosso should essentially be completed sometime next week, which if accomplished, would probably be a record early completion of the soybean harvest. There are some disappointing soybean yields coming out of western Mato Grosso due to the heavy rains that delayed harvesting, but most farmers in the state are very pleased with their soybean yields.

In their most recent report, the Mato Grosso Institute of Agricultural Economics (Imea) increased their estimate of the state's soybean crop by 0.5 million tons to 31.0 million. In contrast, Conab actually lowered the Mato Grosso soybean production slightly in their March Report to 29.9 million tons, which was down 0.4 million tons from a month earlier.

As farmers in Mato Grosso wrap up their soybean harvest, they continue to be relatively slow sellers of their 2016/17 soybean crop. Imea is reporting that they have sold 61% of their soybeans compared to 66% sold last year at this time.

Farmers in the state of Parana in southern Brazil have accelerated their soybean harvest in recent weeks. After a slow start, the soybean harvest in the state is now 59% harvested compared to 68% last year and 52% average. The state is expected to harvest at least 18 million tons of soybeans, which would be a new record for the state.