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October 15, 2020

Imea Increases Mato Grosso's 2020/21 Soybean Acreage and Yield

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

In the latest's estimate issued by the Mato Grosso Institute of Agricultural Economics (Imea), they indicated that the 2020/21 soybean acreage in the state would be 10.3 million hectares (25.4 million acres), which would be an increase of 0.93% from their last estimate.

They indicated that the acreage is up because Brazilian farmers are well capitalized, domestic soybean prices in Brazil continue to increase, and farmers may plant less full-season cotton. Over 90% of Mato Grosso's cotton is planted as a second crop following soybeans, but there is a small amount of full-season cotton planted in December. Cotton prices in Mato Grosso are mediocre while soybean prices are record high, so it would make sense for farmers to switch some of their full-season cotton to soybeans instead.

Imea also increased their estimate of Mato Grosso's average soybean yield to 58.03 sacks per hectare (51.8 bu/ac), which is up 0.58 sacks per hectare (0.5 bu/ac) from their prior estimate. The total 2020/21 soybean production in Mato Grosso is now estimated at 35.87 million tons, which is up 1.31% compared to 2020/21. The spot price for soybeans in Mato Grosso last week averaged R$ 148.84 per sack (approximately$12.30 per bushel), which was up 5.26% from the prior week.