2023/24 Corn Acreage in Mato Grosso to Decline 6.2% or More
The Mato Grosso Institute of Agricultural Economics (Imea) lowered their estimate of the 2023/24 corn acreage in the state to 7.02 million hectares (17.3 million acres), which is down 2.5% from their November estimate and down 6.2% from 2022/23.
Farmers in the state are reducing their safrinha corn acreage due to delayed soybean planting which will push safrinha corn planting past the ideal planting window which closes about the third week of February. Low domestic corn prices, which are currently at the breakeven point, offer no incentives for farmers to plant additional corn acreage. Farmers have also indicated that they will spend less on inputs for the 2023/24 safrinha corn.
An additional concern for farmers is the erratic weather resulting from La Nina. There is the potential for below normal rainfall during the safrinha corn growing season and an earlier-than-normal end to the summer rain season. Should that occur, any late planted corn would run out of moisture before it reaches maturity.
Imea is estimating the statewide corn yield at 103.85 sacks per hectare (99.0 bu/ac) and a total corn production of 43.75 million tons. This would represent a reduction of 16.6% compared to 2022/23.
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