Highlights
The EU weather model continues to predict scattered showers for Brazil. The GFS model is not as wet, but the EU model tends to be the one that the market favors most days.
Agronomist Douglas Marangon:
"Third largest producer in Goias, Brazil on 18 December 2023, had two rains, one of 8 mm and 10 mm, but the soybeans have already surrendered and died."
Aprosoja estimates Mato Grosso 2023/24 soybean production will be down 20% from a year ago at 36.15 mil. mts. Aprosoja is the Association of Soybean and Corn Producers of Mato Grosso.
Eduardo Vanin, Agrinvest soybean trader in Brazil reported yesterday:
"Farmer selling of soybeans in Brazil continues at a steady pace. Last week 1.5 million tons were sold, 900 thousand of which were the new harvest. The sales pace for the new harvest has been 0.4%-0.5% per week on a harvest of 152.5 million – Agrinvest estimate."