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‘All is well’ For 2019-20 Brazil Soybeans; Farmers Forward Contract in Hopes of better Price

21 Dec 2019 1:54 pm
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Mumbai (Commodities Control) - The 2019/20 soybean crop in Brazil is approximately 95% planted, which is about average. Most of the soybeans that are left to plant are in northeastern Brazil.

The weather has been favorable for soybean development in most of Brazil,in spite of the delayed planting. The only area of concern, where the weather is still sub-par is northeastern Brazil or the region called Matopiba, which consists of the states of Maranhao, Tocantins, Piaui, and Bahia.

The summer rains will be delayed this year. The near term forecast is calling for dryer than normal weather from eastern Mato Grosso eastward to Bahia. This could complicate the soybean planting in the region. The experts are estimating about 15% of Brazil's soybeans to be in this dryer area of north central and northeastern Brazil.

Meanwhile, the earliest planted soybeans in Mato Grosso will start to be harvested in January. Some of the earliest planted soybeans were in western Mato Grosso and they will start harvesting those soybeans sometime in early January.

Soybean planting in western Parana got underway later than normal this year due to dry weather, but the weather has improved and the soybeans are now developing normally.The crop is rated 83% good.

In the municipality of Palotina, located in western Parana, the soybean planting did not start until mid-October, but with improvement in the weather farmers are expecting yields in the range of 55 to 58 sacks per hectare (48.8 to 51.5 bu/ac). Last year, the rains stopped for over a month during December resulting in lower yields in the range of 40 to 45 sacks per hectare (35.5 to 40.0 bu/ac).

Approximately 90% of the soybeans in the state of Rio Grande do Sul have been planted. The soybeans, here, are some of the latest planted in Brazil along with northeastern Brazil.

The Soybean & Corn Producer Association of Rio Grande do Sul (Aprosoja/RS) is recommending farmers to aggressively forward contract their soybeans in order to take advantage of the good prices which are in the range of R$ 81.00 per sack (approximately $9.00 per bushel).

In the municipality of Cristalina, located in eastern Goias, the soybean planting was delayed due to dry weather, but the rains in November and December have aided crop development. The Rural Syndicate of Cristalina expects yields to surpass the 54 sacks per hectare achieved last year (48 bu/ac).

Farmers are forward contracting their soybeans as high as R$ 75.00 per sack (approximately $8.35 per bushel), something that is rarely achieved in eastern Goias.

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