Farmers in Mato Grosso Have Sold 99% of Their 2023/24 Soy Crop
According to the Mato Grosso Institute of Agricultural Economics (Imea), farmers in the state have sold 99.2% of their 2023/24 soybean production. The average selling price in November was R$ 139.32 per sack or approximately $10.55 per bushel.
For the 2024/25 crop that is currently in vegetative development, farmers in the state have forward contracted 41% of their anticipated 2024/25 soybean production, which is up 2.7% from a month earlier. With the crop developing normally, farmers have ramped up their forward sales. Additionally, the recent devaluation of the Brazilian currency also stimulated sales.
Mato Grosso is expected to produce a record soybean crop in 2024/25 with harvest starting in January and peaking in February, so farmers will need to empty all the storage space possible to make room for the new crop.
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