Brazilian soybean output forecast revised up, harvest gains traction: AgRural

New Delhi — Brazil's soybean output forecast for the 2020-21 marketing year (February 2021 - January 2022) was revised up 1.3 million mt on previous estimate to a record 133 million mt, while the soybean harvest pace gained a bit of traction on recent dry weather, agricultural consultancy AgRural said March 1.

The upward revision of Brazilian soybean output for 2020-21 by the agricultural agency was widely expected as most parts of the country witnessed beneficial rains since mid-January, analysts said.

The soybean harvest progress also accelerated a bit for the week ended Feb. 27, as dry weather engulfed most parts of Brazil, leading to crop maturation and accelerated field activities.

"The soybean harvest of the 2020-21 soybean crop gained a little more rhythm last week, driven by the increase in the number of ready areas (matured crop acreage) and by drier weather in the South and Southeast regions and in parts of the Midwest," AgRural said.

Soybean farmers in the South American nation had harvested 25% of the projected acreage as of Feb. 25, compared with 15% for the week ended Feb. 11, the consultancy said. However, the overall progress of harvest still lags last year's pace by 15 percentage points, it said.

Due to harvest delays since January, Brazilian soybean exports have been significantly lower than last year.

According to the Brazilian foreign trade department, the cumulative soybean exports of Brazilian soybeans were seen at 1.25 million mt in the three weeks of February, compared with 3.5 million mt in the same period last year.

However, with dry weather forecast in March, Brazilian soybean harvest is likely to accelerate further in coming days, boosting the exports as well, analysts said.