Soybean Planting in Brazil Lags Behind Last Year’s Pace

The soybean planting campaign continues in Brazil, but the pace of fieldwork is still lagging behind last year’s. By November 16, according to AgRural experts, the sowing of the oilseed had taken place on an area of 68% of the plan against 61% last week and 80% by the same date in 2022, according to Nasdaq.

It is noted that the current sowing season in the South American region is the slowest since the 2019/20 season.

“The delay occurred against the backdrop of unfavorable weather conditions in most of the country with excessive rainfall in the south of Brazil and insufficient soil moisture in the north and northeastern regions,” – experts note.

Earlier, AgRural analysts have already lowered their forecast of soybean harvest in Brazil due to bad weather in 2023/24 MY – by 1 million tons, to 163.5 million tons. They noted that new downward adjustments are possible until the end of this month, depending on weather changes.

Exports to China increased by 71%

Brazil last month increased exports of soybeans to China by 71% by October 2022 – up to 4.81 million tons. Such data were released by specialists of the General Customs Administration of China. It is noted that the growth in the number of shipments was recorded against the background of falling prices for South American oilseed.

In the fourth quarter, according to experts, Brazil will become the largest supplier of soybeans to the Celestial Empire, although in this period in the structure of Chinese imports is traditionally dominated by culture from the United States.

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