Mar 15, 2024
Farmers in Mato Grosso are Slow Sellers of Soybean and Corn Crops
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Farmers in Mato Grosso continue to be slow sellers of their 2023/24 soybean and corn crops. As of the end of February, producers have sold 46% of their anticipated 2023/24 soybean production according to the Mato Grosso Institute of Agricultural Economics (Imea). This represents an advance of 5.7% from the prior month. Farmers have only sold enough soybeans to pay their immediate expenses and bills as they wait for higher prices.
The average selling price for soybeans in Mato Grosso during the month of February was R$ 99.84 per sack (approximately $9.15 per bushel), which was down 0.88% compared to January.
For the 2024/25 soybean crop in Mato Grosso, which will be planted starting in September, farmers have forward contracted 2.4% of their anticipated production. The average price paid in February for the 2024/25 soybean crop was R$ 94.16 (approximately $8.65 per bushel).
For the 2023/24 corn crop in Mato Grosso, farmers have sold 21.8% of their anticipated production as of the end of compared to an average of 28.3%. The sales increased 2.6% in February compared to January. The average corn price in Mato Grosso during the month of February was R$ 33.69 per sack (approximately $3.10 per bushel), which was down 9.2% compared to January.