Jun 22, 2023

Delayed Start to Corn Harvest in Lucas do Rio Verde, Mato Grosso

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

The safrinha corn harvest in the municipality of Lucas do Rio Verde in central Mato Grosso is starting about 20 days later than average according to the research agency Fundacao Rio Verde Pesquisas. The safrinha corn was planted later in Lucas do Rio Verde than in other regions of the state due to the delayed soybean harvest. Rain during April and most of May also slowed the maturation of the corn.

Early corn yields are a little disappointing, but yields are expected to improve as the harvest progresses due to the abundant moisture during the growing season.

Spot prices for corn in Mato Grosso declined 1.4% last week to an average of R$ 35.40 per sack (approximately $3.25 per bushel). In contrast, corn prices increased 2.3% last week on the B3 exchange in Sao Paulo to R$ 54.38 per sack (approximately $5.00 per bushel). The difference is the result of harvest pressure and transportation costs to get the corn to export facilities.

The safrinha corn in Mato Grosso was 8.3% harvested as of late last week compared to 25.5% last year and 16.6% average. This represents an advance of 4.7% for the week. The most advanced harvest is in northern Mato Grosso where 18% of the corn has been harvested.

Farmers in Mato Grosso had sold 44.6% of their anticipated safrinha corn production by the end of May, which is up 6% compared to April according to the Mato Grosso Institute of Agricultural Economics. The safrinha corn in the state is 8.3% harvested and many farmers will be forced to sell their corn due to a lack of storage space. For the 2023/24 safrinha corn production, farmers had sold 3.7% by the end of May, which was up 0.6% compared to April.

The 2022/23 safrinha corn in Brazil was 4.7% harvested as of late last week compared to 11.4% last year and 9.8% average according to AgRural. This represented an advance of 2.5% for the week.