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March 23, 2011

Paraguay Soy Estimate Increased 0.3 Million Tons to New Record

Paraguay is the third leading soybean producing country in South America after Brazil and Argentina and farmers in Paraguay are very pleased with their early harvest results. The soybean crop is about one third harvested and it appears that the total production in the country could surpass the previous record of 7.2 million tons set just last year.

The soybean acreage in Paraguay increased approximately 4% in 2010/11 compared to the 2009/10 growing season. Most of the increased acreage was in the northern and northeastern regions closest to the Brazilian border. The growing season in Paraguay started out dry just like it did in southern Brazil, but the weather improved in late November and early December and generally remained good the remainder of the growing season.

After a delayed start due to wet conditions, harvesting is now proceeding at full speed and the only thing that could derail the crop would be a return of heavy rains, but that does not appear to be in the near term forecast. Some of the earlier maturing soybeans were harvested at high moisture which resulted in poor seed quality, but that was the exception rather than the rule. The better soybeans in Paraguay are expected to yield in the mid-50 bushel range. As a result, the Paraguay soybean estimate was increased this week by 0.3 million tons to 7.3 million.