Soy harvest in Brazil is making rapid progress

Soybeans fell by double digits yesterday. The most traded March date closed 15 US cents weaker at a settlement of 1,194.25 US cents per bushel, which corresponds to a converted rate of 404.99 euros/t. Soybean oil also fell in the wake of weakening crude oil prices; only soybean meal was able to buck the negative trend of the last few days and the weak market environment yesterday and rose. At 890,000 tons, US export shipments last week were more than half below the previous week's value. Looking at the season as a whole so far, soybean shipments are around 22 percent behind the volumes of the previous season. In addition to the overall weak market environment due to the bankruptcy of Evergrand, the good harvest progress in Brazil is also having a negative impact. The consulting firm Safras and Mercado reports a current harvest progress of 9 percent, which means the harvest started much faster than last year. At this point in 2023, only 4.4 percent of the areas had been used. The forecast rains are likely to delay the harvest, but in many regions the rains come in time to support the plants in the final stage of development.
As the industry association “Donau Soja” reports, it assumes that the European soy cultivation area will grow to 5.6 million hectares this year, around 10 percent higher than in 2023.

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