Domestic Corn Prices in Mato Grosso Highest in 18 Months
The Mato Grosso Institute of Agricultural Economics (Imea) reported that corn prices in Mato Grosso last week were the highest in 18 months. The average price last week was R$ 51.52 per sack (approximately $4.50 per bushel), which was up 4.6% from the prior week. The improved price was due to increased demand and tight supplies.
Last week’s corn price was the highest since April 27, 2023 when the price of corn in the state was R$ 50.25 per sack (approximately $4.40 per bushel). Compared to last year at this time, domestic corn prices in Mato Grosso are up 49% due to a reduction of 5.3 million tons produced in 2023/24 compared to 2022/23.
The improved corn price will be a factor when farmers decide on their 2024/25 safrinha corn acreage. Due to a delayed start to the soybean planting, some of the safrinha corn will be planted after the ideal planting window, so farmers will have to weigh if the higher price for corn will compensate for potential lower yields. If the weather cooperates, farmers in Mato Grosso may not reduce their safrinha corn acreage as much as had been anticipated at the start of the season.
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