AgRural reduces harvest expectations for Brazil

Soja was able to start the new week on a friendly note. Both beans, soybean oil and soybean meal recorded gains yesterday in the first trading session of this week. Support comes from a new assessment of the Brazilian soybean harvest by the consulting firm AgRural. The house has reduced its own forecast by 2.4 million tonnes and now expects 147.7 million tonnes. AgRural puts the current harvest progress at 40 percent. At this point in the previous year, just 33 percent had been contributed. The weather data and weather forecasts point to further rapid harvest progress. With 974,977 tons of soy exports last week, they were a good quarter below the volume of the previous week. Looking at the season so far, the USA has exported 33.05 million tons of soybeans, 21.6 percent lower than at the same time last year.

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