Sep 19, 2019

Farmers in Mato Grosso have Sold 35% of their 2019/20 Corn Prod.

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

As of the end of August, farmers in Mato Grosso, Brazil have sold 87.4% of their 2018/19 corn production according to the Mato Grosso Institute of Agricultural Economics (Imea). This represented an increase of 4% during the month of August. The average selling price during August was R$ 21.10 per sack or approximately $2.39 per bushel (using an exchange rate of 4.0 reals per dollar).

For the 2019/20 corn crop that will be planted next January and February, farmers in the state have sold 35.8% of their anticipated production, which represented an increase of 3.4% during August. The selling price as of the end of August was R$ 23.28 or approximately $2.64 per bushel.

The farmers in Mato Grosso had sold 95% of their 2018/19 soybeans by the end of August and they have forward contracted 31% of their anticipated 2019/20 soybean production according to Imea. The price of soybeans sold during August averaged R$ 71.27 per sack for 2018/19 and R$ 68.53 per sack for 2019/20 (approximately $8.10 and $7.80 respectively). The current local price of soybeans in Mato Grosso is in the range of R$ 72.60 per bushel or approximately $8.25 per bushel.