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September 28, 2017

Mato Grosso Farmers have sold 15% of their 2017/18 Soy Production

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

The Mato Grosso Institute of Agricultural Economics (Imea) recently reported that farmers in the state of Mato Grosso had forward contracted 15% of their anticipated 2017/18 soybean production. This is slower than last year at this time when 26% of their anticipated production had been sold.

The most advanced sales have been in western Mato Grosso where 21% of the crop has been sold. Farmers in western Mato Grosso want to plant their soybeans as early as possible in order to allow ample time to plant a second crop of cotton. Farmers in northern Mato Grosso have been the slowest sellers with 10% sold.

Mato Grosso is the largest soybean producing state in Brazil and Imea is estimating that the state will produce 30.5 million tons of soybeans in 2017/18, which would be down 2% compared to last year. The soybean acreage in the state is expected to increase 0.2% to 9.41 million hectares (23.2 million acres), but the average yield is expected to decline 2.3% to 54.12 sacks per hectare (47.0 bu/ha).