Brazil soybean planting reaches 57%, passes five-year average

Healthy soil moisture levels in Brazil have accelerated soybean planting rates in the past week, with overall planting rates reaching 57% of the expected crop area, up 1 percentage point on the five year average, according to consultancy Agrural.

The figures are remarkable as they show a 14 percentage point increase in the plantation rates from just a week ago and is the largest planting rate increase on record, Agrural said.

However, while planting rates have surpassed the five year average, they remain below last year, when the crop was 63% planted.

Brazil is expected to produce around 107.5 million mt of soybean this year, the second highest on record, but 7 million below last year's crop, according to figures from Conab, Brazil's food supply statistics agency.