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March 14, 2018

2017/18 Brazil Soybean Crop Approaching 50% Harvested

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

The weather in Brazil continues to follow the same pattern - wet in central and eastern Brazil and generally dry in far southern Brazil. The forecast is calling for continued wet conditions across central and eastern Brazil, but there are some additional chances of rainfall in southern Brazil.

The 2017/18 Brazilian soybean crop is 48% harvested compared to 56% last year and 46% for the 5-year average. This represents an advance of 13% for the week. The soybean harvest is wrapping up in parts of western Parana as well as in northern and western Mato Grosso.

The Mato Grosso Institute of Agricultural Economics (Imea) reported that 83% of the soybeans have been harvested in the state. In western Mato Grosso, the soybeans are 98% harvested and they are 95% harvested in the mid-north as well as in northwestern Mato Grosso. The slowest harvesting is in the northeastern region of the state where 55% of the soybeans have been harvested.

In Conab's March Crop Report, they increased their 2017/18 Brazilian soybean estimate last week by 1.5 million tons to 113.0 million, which puts them a little lower than many of the private estimates. In the March WASDE report, the USDA increased the Brazilian soybean estimate by 1.0 million tons to 113.0 million. They are also lower than most private estimates by 1-4 million tons.