Jan 18, 2024

Mato Grosso Soybean Production Lowered to 39.0 mt, Down 13.9%

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

The Mato Grosso Institute of Agricultural Economics (Imea) lowered their estimate for the 2023/24 soybean crop in Mato Grosso, which is Brazil's largest soybean producing state. They are estimating the statewide soybean yield at 53.59 sacks per hectare (47.9 bu/ac), which is down 7.4% from December and down 13.9% from last year.

Soybean yields are down in most regions of the state with the average yield in the west at 47.0 bu/ac, the northeast at 47.2 bu/ac, the center-south at 47.2 bu/ac, and the north at 48.1 bu/ac. The lower yields are being attributed to prolonged periods of hot and dry weather resulting from a strong El Nino. The early maturing soybeans were more impacted by the adverse weather than the later maturing soybeans because the hot and dry weather occurred during pod filling.

The 2023/24 soybean acreage in Mato Grosso is unchanged from last month at 12.17 million hectares (30.0 million acres), which is up 0.37% from the prior year. The 2023/24 soybean production in the state is estimated at 39.0 million tons, which is down 13.9% from last year.

As of late last week, the soybeans in Mato Grosso were 6.4% harvested compared to 2.3% last year and 2.9% average. The hot weather shortened the soybean growth cycle resulting in an earlier-than-normal start to the harvest.

Even though Imea lowered their soybean production estimate, they are still much higher than many private estimates.