According to Brazil’s Agribusiness consultancy AgRural company, 70% of Brazil’s soybean harvesting has been completed, which is up by 8% compared to previous week. However, its down by 5% on y-o-y comparison, for the same timeframe.
AgRural lowered their 2022/23 Brazilian soybean estimate 0.6 million tons to 150.3 million mainly due to lower estimate for the crop in Rio Grande do Sul. The soybean crop in Rio Grande do Sul is estimated to be down 7 million tons from initial estimates. Good yields in other states will compensate for most of the losses in Rio Grande do Sul and keep the Brazilian soybean production from falling below 150 million tons.