Brazil: Soybean Prices Decline, Corn Prices Increase in Mato Grosso

Farmers in Mato Grosso, which is Brazil’s largest soybean producing state, have completed harvesting the 12.66 million hectares of soybeans in the state (31.2 million acres). The Mato Grosso Institute of Agricultural Economics (Imea) estimates that the state will produce a record 49.62 million tons of soybeans in 2024/25. The statewide soybean yield is estimated at approximately 3,919 kg/ha or 58 bu/ac.

The spot price for soybeans in Mato Grosso declined 0.1% last week to R$ 107.61 per sack or approximately $8.60 per bushel.

On the other hand, spot corn prices in the state increased 0,5% last week to an average of R$ 71.63 per sack or approximately $5.70 per bushel. Corn supplies in the state are very tight due to the high demand of corn ethanol production. Mato Grosso is the largest corn producing state in Brazil and the corn is produced as a second crop following soybeans. Approximately 15% of the 2024/25 safrinha corn was planted after the ideal planting had closed in late February. The safrinha corn harvest will get underway in early June.

Tags: harvest, corn, price, Brazil, soybeans, yield, estimates