Dec 26, 2023

Prices of Soy in Mato Grosso Down 26% in 2023, Corn Down 35.8%

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

The Mato Grosso Institute of Agricultural Economic (Imea) issued their last bulletin of the year last week concerning prices of soybeans and corn in the state. The average price for soybeans from January through December of 2023 was R$ 121.00 per sack (approximately $11.25 per bushel) compared to R$ 164 per sack in 2022 (approximately $15.25 per bushel), which is a decline of 26%.

During the 2022/23 growing season, farmers in the state planted 12.13 million hectares of soybeans (29.96 million acres), which yielded on average 62.3 sacks per hectare (55.6 bu/ac) for a total production of 45.32 million tons. That represented an increase of 10.97% compared to the 2021/22 growing season.

Imea reported that the average price for corn in Mato Grosso in 2023 was R$ 43.36 per sack (approximately $4.02 per bushel) compared to R$ 67.64 per sack in 2022 (approximately $6.27 per bushel) which represents a decline of 35.8%.