Oct 05, 2023

Imea Expects Corn Production in Mato Grosso to Decline 13.5%

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

In their second assessment of the 2023/24 safrinha corn production in the state, the Mato Grosso Institute of Agricultural Economics (Imea) estimates that the state's 2023/24 corn production will decline 13.5% compared to 2022/23 to 45.3 million tons.

Imea estimates that the safrinha corn acreage in the state will decline 2.8% to 7.28 million hectares (17.9 million acres) and the statewide yield will decline to 103.85 sacks per hectare (99.0 bu/ac). The corn acreage is expected to decline due to low domestic corn prices and a lack of profitability. Many farmers in the state lost money on their 2022/23 corn production and they will be hesitant to invest heavily in the 2023/24 corn production.

Corn yields in 2023/24 are expected to decline from last year's record level due to the presence of El Nino which can result in below normal rainfall during the growing season and the possibility of an early end to the summer rainy season. Additionally, farmers are expected to reduce their investments in the 2023/24 safrinha corn crop in the form of seeds and fertilizers usage.

The safrinha corn crop in Mato Grosso is planted after the soybeans are harvested and the ideal planting window for safrinha corn in the state closes about the third week of February. If corn is planted after that date, there is an increased risk of lower yields due to the corn running out of moisture before reaching maturity.