Brazilian Soybean Harvest Starts With Slowly

USAgNet - 01/13/2021

Brazilian soybean harvest for 2020-21 marketing year (February 2021-January 2022) began at a muted pace in some parts of the country, agricultural consultancy AgRural said Jan. 11, although the overall crop conditions look good.

The Brazilian soybean crop has benefited from rains and mild temperatures in December and early January, reports

Only Rio Grande do Sul and some parts in Bahia and Piauí lack moisture, which could affect the crop development, the consultancy said. However, the deficit is not significant to impact the productivity.

Soybean harvest was limited to some parts in Mato Grosso, Goiás and Bahia, with no significant volume to report as of Jan. 7, AgRural said.

Brazilian soybean harvest is expected to pick up pace in late-January. Harvest delay in Brazil has been one of the primary factors in the U.S. soybeans futures price rise in recent weeks.

March soybeans futures have been trading at six-and-half year high at $13.7188/bu at 11:59 am CT Jan. 11.

Soybean prices are slated to continue their rise in 2021 on tight supply, coupled with steady demand and delayed harvest, analysts said.

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