In Brazil, the soybean harvest is nearing completion, with 89% of the areas already harvested compared to the plan, exceeding last year's level (85%) and matching the average pace of the last 5 years.
However, delays are observed in the state of Rio Grande do Sul due to the wet weather, which is interfering with fieldwork. Currently, only 50.6% of the planned soybean harvest in the region has been completed.
Overall, it is expected that Brazil will harvest 169 million tons of soybeans this year.
It is also reported that during the first week of April, Brazilian farmers sold 4.5 million tons of soybean oil, with an additional 10 million tons expected to be sold by the end of the month. The active demand for Brazilian oil from China explains these sales. According to Agrinvest Commodities, last week China signed a contract to purchase more than 60 batches of soybeans from Brazil, which is a record number.