Farmers in Mato Grosso are Slow Sellers of Their Soybeans and Corn

Farmers in Mato Grosso had sold 40.6% of their 2023/24 anticipated soybean production by the end of January compared to the average of 60% according to the Mato Grosso Institute of Agricultural Economics (Imea). This represents an advance of only 2% compared to the prior month. The slow sales is being attributed to low soybean prices in Brazil and low soybean yields.

The average selling price for soybeans in Mato Grosso during January was R$ 100.65 per sack (approximately $9.15 per bushel), which was down 1.1% from December.

Forward contracting for the 2024/25 soybean production in Mato Grosso, which will be planted in September and October, was 1.3% of the anticipated production compared to 9.4% average for this time of the year.

Sales of the 2023/24 safrinha corn, which is currently being planted, was 19.2% at the end of January compared to the average of 50.5%. This represented an advance of only 1.4% compared to the prior month. The average price of corn in Mato Grosso during the month of January was R$ 37.10 per sack (approximately $3.37 per bushel).

Slow sales of the current safrinha corn is being attributed to uncertainty concerning yields and low corn prices. Aprosoja/Brasil is advising Brazilian producers not to sell any more grain than necessary in the hope that prices will improve going forward.

Tags: Brazil, prices, soybeans, Production, yields, sales, safrinha corn