The soybean harvest in Brazil is projected to decrease by 4% compared to the previous year.

Contrary to initial expectations, consultancy StoneX revised its estimate for Brazilian soybean production, increasing it by 0.8% to 151.55 million metric tons, deviating from the anticipated decline due to a hot and dry growing season. Despite this adjustment, the soybean crop is still projected to be 4% lower than the previous year.

In the week ending March 10, the southern producing states of Rio Grande do Sul and Parana experienced showers on Monday. Meanwhile, the central west region, encompassing states like Mato Grosso and Goias, received rainfall accumulations nearing 2 inches. Temperatures in both regions moderated after a previous week of intense heat. However, despite recent rainfall, Mato Grosso and Mato Grosso do Sul still require additional precipitation to restore soil moisture.

Looking ahead, Climatempo forecasts a return to higher temperatures, exceeding 65ºF, accompanied by scattered rains in the south. In Mato Grosso, Mato Grosso do Sul, and Goias, temperatures are expected to climb above 86ºF, with daily rain forecasts and accumulations exceeding three inches.

As for Argentina, the soybean-producing regions experienced below-average temperatures in the past week, and the National Meteorological System predicts torrential rains for the upcoming week. The soybean harvest in Argentina is set to commence soon, with the Buenos Aires Cereal Exchange estimating the crop at 52.5 million metric tons.