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Brazil soy planting advances to 34 pct of area -consultancy
SAO PAULO, Oct 19 (Reuters) - Soy planting by Brazilian farmers for the 2018-19 season progressed to 34 percent of the expected area this week, way ahead of seeding at the same stage last year as favorable weather in most regions speeded up field work.
An AgRural consultancy weekly report on Friday said overall soy planting in Brazil advanced 14 percentage points from the previous week. For comparison, at this time last year planting was at 20 percent of the area. The five-year average is 18 percent.
The consultancy said that regular rains have secured enough soil moisture in Mato Grosso, Brazil's top producing state, to boost seeding which reached 62 percent of the expected area in the state versus 27 percent last year and 26 percent on average in the last five years.
But excess rain reduced the planting pace in the second largest producer Paraná state, where seeding is now at 48 percent compared to 53 percent last year and 44 percent on average for this period.
The advanced soy planting is expected to result in new-crop beans coming to the market weeks before normal, which will benefit farmers since Brazilian soybeans have been trading at large premiums to Chicago prices because of the trade war between the United States and China. <0#SOYBN-PREM>
The speedy planting will also favor seeding of winter corn, Brazil's largest crop of the cereal, which is planted right after soybeans are harvested. (Reporting by Marcelo Teixeira)
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