Nov 13, 2019
Soybean Planting in Mato Grosso to be Completed within 2 Weeks
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Mato Grosso is the largest soybean producing state in Brazil and farmers in the state have planted approximately 92% of their 2019/20 soybeans. Last year at this time, the planting was 96% and the five-year average is 83%. The soybean planting in the state should be complete within about two weeks.
Nationwide in Brazil, the soybeans are 58% planted compared to 71% last year and 57% for the five-year average.
Farmers in the state have also been wrapping up sales of last year's soybeans and forward contracting this year's crop. According to the Mato Grosso Institute of Agricultural Economics (Imea), farmers in the state have sold 98.7% of their 2018/19 soybean crop, which represents an advance of 1.8% during the month of October. For the 2019/20 crop, they have sold 43.7% of their anticipated production which represents an advance of 7.7% for the month of October.
The local price for available soybeans in Mato Grosso closed last week at R$ 75.26 per sack or approximately $8.50 per bushel. This represented an advance of 2.9% from the prior week.