The already reduced soybean crop prospects in Brazil have run into even more issues due to heavy rains and deadly floods in Rio Grande do Sul, one of the largest producing states in the country.

Luxembourg-headquartered broker BRS revealed in its latest Weekly Dry Bulk Newsletter that the Brazilian national supply company Conab estimated that the weather would threaten 30% of unharvested soybeans or around 7m tonnes.

Before the heavy rains, Conab was expecting soybean production in Rio Grande Do Sul to reach 21.89m tonnes as the harvesting season started quite well for the state with the potential to become Brazil’s second-largest soybean producer.

BRS further stated that the extent of damages will be difficult to estimate as there was a significant share of beans still to be harvested in the central region – about 40% when combined with the southern region – and the northern part of the country with about 10%.