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Brazil agribusiness group seeks bankruptcy protection

Privately owned Brazilian agribusiness group Itaquere has filed for bankruptcy protection to restructure 482 million reais ($127 million) of debt, according to a letter from management seen by Reuters. In the letter dated March 21, the group, based in Brazil’s top grains state Mato Grosso, blames a prolonged economic crisis, along with adverse climate conditions and currency swings, for its financial woes. The letter was signed by the group but not by any particular executive. Itaquere and MLuz, named…

Brazilian farmers in Mato Grosso satisfied with the soybean planting progress

Brazil’s Mato Grosso farmers are happy about their soybean planting progress this year, as they have finished sowing almost 90% of their soybean acres and are expecting an early harvest at the end of December. “The weather is so good this year, as rain comes to the state early and keeps going on almost every day,” said Daniel Latorraca Ferreira, director of the Institute of Economics and Agricultural Mato Grosso, (IMAE). “This good weather will help the crop development, and we will…

Brazils Soybean 2018 plantings forecast to break all records

A 2% increase in planted area in the 2018-19 season is due to expectations of higher prices, and greater demand from Chinese buyers, plus an increase in domestic consumption. Soybean planted area in Brazil is forecast to set a new record for the ninth consecutive year at 35.8 million hectares, according to an April 24 Global Agricultural Information Network (GAIN) report from the U.S. Department of Agriculture. The 2% increase in planted area in 2018-19 is due to expectations of higher prices, higher-than-expected…
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