Brazilian farmers planting soybeans at faster pace, consultancies say

Soybeans stocks are seen in Rio Verde

SAO PAULO (Reuters) - Brazilian farmers are sowing soybeans at a faster pace this season, according to estimates from two agribusiness consultancies on Monday.

They cited significant advances in the state of Parana and progress in the pace of sowing in the state of Mato Grosso, the largest producer of soybeans in Brazil, as driving the trend.

Safras & Mercado estimates 2% of the national soybean area has been planted so far for the 2022/2023 cycle, more than twice as much as last year's 0.8% of the area and above the historical average of 0.8% for this point in the season.

Consultancy AgRural estimates farmers had planted 1.5% of the soybean area in Brazil, compared with 1.3% for the same period last year.

According to Safras, Parana soy farmers had planted 9% of the expected area by Sept. 23 while Mato Grosso and the states of Mato Grosso do Sul and Sao Paulo each had planted 2% of fields.

Brazilian soybean growers are expected to plant the oilseed on 42.88 million hectares (105.9 million acres), the biggest acreage in history and a 2.6% increase from last year, Safras said.

Brazil's government estimates national output will be 150 million tonnes this season, which would be a record.

In Mato Grosso, most farmers are still waiting for more rain to begin or accelerate soybean planting, AgRural said. In Mato Grosso do Sul and in Sao Paulo, however, higher soil moisture has allowed growers to begin the work, it said.

(Reporting by Ana Mano; Editing by Paul Simao)