Brazil is wrapping up soybean planting and has already begun harvesting, adding pressure on quotes

According to the agency Conab, as of December 24, 45.3 million hectares or 96.8% of the planned area were sown with soybeans in Brazil, which is almost in line with last year's pace, although the area sown increased by 2.5%.

It will be recalled that the drought in the central-western regions caused by the El Niño phenomenon and excessive rainfall in the south of the country delayed sowing and in some places forced farmers to replant part of their crops.

In the state of Mato Grosso, which is the main agricultural region of the country, due to the heat, soybean harvesting began at the earliest in history. According to Imea, as of December 22, 121,000 hectares or 1% of the area had been threshed there. As a result of the prolonged drought, the yield of soybeans at the beginning of harvesting is the lowest in the last 40 years, and in general, according to the forecasts of the agency's experts, it will be 7% less than last year.

The local agency Abiove reduced the forecast for the soybean harvest in Brazil by 1.6 million tons to 160.3 million tons, while the USDA estimates it at 161 million tons and Рrofarmer - at 153 million tons. At the same time, analysts' estimates take into account the forecast for the next 3 weeks precipitation.

January soybean futures on the Chicago Stock Exchange rose 0.7% to $483.9/t in anticipation of an increase in supplies from South America for the week, which is 2.2% lower than last month.

In Ukraine, against the background of a decrease in export demand, prices in ports have stabilized at $450-470/t or UAH 18,000-19,000/t, but processors keep prices at UAH 17,500-18,500/t, which allows them to increase purchases.

Argentine farmers are ramping up soybean exports as expected, adding pressure to quotes.