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Mato Grosso Soybean Planting Down

Fewer soybeans are being planted in Brazil's leading soybean state.

According to Brazil farm consultancy AgRural, farmers in Mato Grosso planted fewer soybeans than previously expected. A late start planting resulted in soybean acreage of 5.6 million hectares, which is down 2.3% from AgRural's October estimate.

However; AgRural predicts Brazil will have 22.4 million hectares of soybeans with a production estimate of 62.4 million metric tons. Most other analysts' estimates fall between 59 million and 61 million tons.

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