Soybean sowing rates in Brazil are 4% lower than last year

According to the AgRural agency, as of December 7, soybeans in Brazil have sown 91% of the planned area, which is 6% higher than last week, but 4% less than the 95% sown at this time last year.

The situation remains the most difficult in the state of Mato Grosso, where the amount of precipitation is below normal and high temperatures worsen the prospects for the harvest.

The lack of rainfall and heat in the north and northeast of the country is also beginning to worry farmers. According to AgRural, in the center and south of the country, 95% of the area is planted with first-harvest corn, compared to 91% a week ago and 96% a year ago.

According to StoneX, experts at Safras & Mercado lowered their forecast for soybean production in Brazil in FY2023/24 from 161.4 to 158.2 million tons amid unfavorable weather in the central regions.