Jun 13, 2024

Farmers in Mato Grosso Have Sold 16.5% of Their 2024/25 Soybeans

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

2023/24 Soybeans - For the 2023/24 soybean crop that was harvested earlier this year, farmers have sold 77.9% of the crop compared to 72.1% last year. This represents an advance of 10% from the prior month. Improved soybean prices helped sales as well as the need to liberate storage space before the safrinha corn harvest.

2024/25 Soybeans - Farmers in Mato Grosso have forward contracted 16.5% of their anticipated 2024/25 soybean production compared to 13.5% last year and 26.3% average according to the Mato Grosso Institute of Agricultural Economics (Imea). The represents an advance of 6.2% from the prior month. Imea is estimating the 2024/25 soybean crop in the state at 43.7 million tons, which would be an increase of 11.8% compared to 2023/24.

Sales increased during May due to improved soybean prices, which increased 4.5%. During the month of May, soybean prices in the state averaged R$ 108.11 per sack (approximately $9.50 per bushel).

2023/24 Corn - For the 2023/24 safrinha corn currently being harvested, farmers have sold 37.3% of their anticipated production, which is up 4.6% from the prior month. The sales were stimulated by improved prices and farmers having more confidence in their 2023/24 safrinha corn production.

Corn prices in the state improved 3.1% during May to an average of R$ 37.92 per sack (approximately $3.35 per bushel).

2024/25 Corn - For the 2024/25 safrinha corn production which will be planted early next year, farmers have forward contracted 3.2% of their anticipated production, which represents an advance of 1.6% from the prior month.