Soybean harvest in Parana, Brazil’s second-largest soybean-producing state, reached 25 percent, well ahead of last season’s pace. Government forecasting agency Deral says, although the state suffered through a mini-drought in December, early yield results show no material losses.
Only six percent of the state's soy fields are reportedly in bad condition, compared to none last year. Deral says another 24 percent are considered "average," compared to 14 percent in the previous cycle. The remaining fields are considered in good condition. So, what does all that mean for farmers who are keeping an eye on the Brazil harvest? The weather issues in Brazil are not widespread nor significant enough to put a major dent in production. Brazil’s crop will be short of the record-high estimates of 122 million metric tons.
Elsewhere in South America, Argentina is said to be looking at a good harvest, although they are still early in the season. Harvest expectations in Argentina look like a 53-to-55 million metric ton crop there, coming off 38 MMT in 2018.