Sep 08, 2023

Imea Estimates Mato Grosso 2023/24 Soy Production Down 3.3%

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

Mato Grosso is Brazil's largest soybean producing state and farmers in the state will start planting their 2023/24 soybeans over the next few weeks. A few farmers with irrigation have already started planting, but most farmers will wait until the soil moisture improves. The dry season is coming to an end and it has generally been four months since the last general rain and farmers would like to receive 1-2 inches of rain before they start planting.

The Mato Grosso Institute of Agricultural Economics (Imea) is estimating that farmers in the state will plant 12.22 million hectares of soybeans in 2023/24 (30.1 million acres), which is unchanged from last year. Farmers are disappointed with the current prices which are much lower than last year at this time, but their input costs have declined as well, so farmers are still anticipating making a profit on their 2023/24 soybean production.

Farmers are worried about the potential impact of El Nino on their soybean production. El Nino can result in above normal rainfall in southern Brazil but below normal rainfall in central Brazil during November and December, which is the important reproductive period for soybeans.

Imea is estimating the 2023/24 statewide soybean yield at 59.7 sacks per hectare (53.3 bu/ac), which is down 2.9 bu/ac from last year's record yield of 56.2 bu/ac. The 2023/24 soybean production is estimated at 43.78 million tons which is down 3.39% from last year.

The majority of the soybeans in the state will be followed by a second crop of corn or cotton called the safrinha. The safrinha cotton is planted during January and the safrinha corn is planted during January and February.