Brazilian farmers planting soybeans at faster pace, consultancies say

Brazilian farmers are sowing soybeans at a faster pace this season, according to estimates from two agribusiness consultancies on Monday.

They cited significant advances in the state of Parana and progress in the pace of sowing in the state of Mato Grosso, the largest producer of soybeans in Brazil, as driving the trend.

Safras & Mercado estimates 2% of the national soybean area has been planted so far for the 2022/2023 cycle, more than twice as much as last year’s 0.8% of the area and above the historical average of 0.8% for this point in the season.

Consultancy AgRural estimates farmers had planted 1.5% of the soybean area in Brazil, compared with 1.3% for the same period last year.

Reporting by Ana Mano; Editing by Paul Simao via Reuters / Yahoo! Finance

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