Brazil Soybean Growers Speed Up Planting on Rains, Safras Says

 Soybean growers in Brazil, the world’s second- largest producer, are speeding up planting of the oilseed as above-average rains improve soil conditions, Safras & Mercados analyst Flavio Franca Jr. said.

Soybean planting was 17 percent complete as of Oct. 16, compared with 8 percent a year earlier and an average of 5 percent in the past five years, said Franca Jr., who is based in Porto Alegre, Brazil.

“The timing of the rains has been excellent to allow planting to gather speed,” Franca Jr. said yesterday in a telephone interview.

Brazil’s Center West and Southeast, which account for about half the country’s soybean production, have received more showers than usual, leading farmers to step up planting.

Soybean growers in the country will probably sow 22.6 million hectares (55.8 million acres) for the coming harvest, up from 21.8 million in the past season, Franca Jr. said. Output may rise to 64.2 million metric tons from 57.3 million tons, he said. Most of Brazil’s soybean harvesting runs from January to April.

Expectations that harvest delays in the U.S. will boost soybean prices have led Brazilian farmers to postpone advance sales of next year’s crop, Franca Jr. said. The U.S. is the world’s biggest soybean producer.

“Brazilian farmers are keeping a close look at the U.S., expecting prices will rise in Chicago if rains continue to cause harvest delays,” he said.

Advanced sales for the next season were at 13 percent of the expected harvest as of Oct. 16, compared with 15 percent at the same time last year and an average of 16 percent in the last five years.