Brazil’s soybean crop is estimated to be down 4% from last year

Contrary to what many expected, consultancy StoneX adjusted its estimate for Brazilian soybean production up 0.8% from its previous estimate to 151.55 million metric tons. The market had expected a drop following a hot and dry growing season. Even with that adjustment, the soybean crop is still predicted to be 4% lower than last year. 

During the week ending March 10, the southern producing states of Rio Grande do Sul and Parana had showers on Monday. States in the central west region, including Mato Grasso and Goias, had rainfall accumulations near 2 inches. Temperatures in both regions have been milder following heat the previous week. Despite the recent rainfall, Mato Grasso and Mato Grosso do Sul still need more precipitation to recover soil moisture.

This week, temperatures are forecast to return to higher levels with temps above 65ºF with scattered rains in the south, according to Climatempo. Temperatures will climb higher — above 86ºF — in Mato Grosso, Mato Grosso do Sul, and Goias. Rain is expected every day with accumulations of more than three inches.

Argentina harvest starts soon

The soybean-producing regions of Argentina had lower than normal temperatures over the past week with torrential rains forecast for this week, according to Argentina’s National Meteorological System. Soybean harvest in Argentina is expected to start in the coming days. The crop is estimated at 52.5 million metric tons by the Buenos Aires Cereal Exchange.