World markets for grains and oilseeds

Brazilian farmers have harvested 0.3% of their soybean area, a decrease from 2.3% the previous year, due to recent rains and potential La Niña effects. AgResource has increased its soybean harvest estimate to 172.07 million tons, but has decreased its total corn crop estimate for 2024/25 by less than 1%. In the United States, the USDA cut the 2024 U.S. soybean crop estimate, leading to a surge in soybean futures, with spot corn and soybean prices also rising. The USDA also confirmed private sales of 198,000 metric tons of U.S. soybeans to China.

Farmers in Brazil have harvested 0.3% of their soybean area nationwide, down from 2.3% a year earlier, according to AgRural. Recent rains are disrupting the soybean harvest in parts of central Brazil. In the leading agricultural state of Mato Grosso, farmers are harvesting soybeans at the slowest pace in seven years, according to consultancy AgRural. AgResource also raised its soybean harvest estimate to 172.07 million tons from 170.04 million tons. “The risk of La Niña has returned and its effects could impact the quality of the soybean crop, especially in later or transplanted areas,” AgResource said. “However, the onset of rains over the central-north region of Brazil could help offset potential losses in some states and regions,” the company added. AgResource on Monday cut its estimate for Brazil’s total 2024/25 corn crop by less than 1%, citing delays in the soybean harvest as a factor weighing on the prospects for the country’s key second corn crop. The second corn crop is ...