The sowing of Brazil's 2022/23 soybean crop has reached 95% of the estimated area, slightly below last year's level of 96%, agribusiness consultancy AgRural said on Monday, as producers hope for rains to secure good yields.
Growers are still alert about the poor distribution of rainfall, though no severe losses have been registered so far and forecasts point to showers covering much of the country in the coming days, AgRural said.
Most of the concern comes from Brazil's southernmost state of Rio Grande do Sul, where soybean planting is nearing its end amid dry and hot weather.
The adverse climate conditions should not lead to a soybean failure in the state as the crop is still in early stages, but is seen affecting local corn production ahead of the summer crop harvesting.
"There is already a loss of productive potential in part of the state," AgRural said.
The planting of the first corn crop in Brazil's centre-south region reached 96% of the estimated area, in line with last year's levels, according to the consultancy.
The first corn represents about 25% of the country's total production in a given year.
Government food and statistics agency Conab expects Brazil's 2022/23 soybean output to reach 153.48 million tonnes, up 22.2% year-on-year, while total corn production is seen jumping 11.2% to 125.83 million tonnes.
Source - https://www.nasdaq.com
