Oct 06, 2010
Farmers in Mato Grosso Actively Forward Selling Their Soybeans
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Even though the rains in Brazil did not start until the last few days of September, farmers in Mato Grosso took advantage of the improved prices to forward contract a lot of the anticipated 2010/11 soybean production. As of the end of September, 36% of the 2010/11 soybean crop in Mato Grosso had already been contracted compared to 22% last year at this time.
According to the Mato Grosso Institute of Agricultural Economics, yesterday farmers in Sorriso, the largest soybean producing municipality in Mato Grosso, were asking R$ 37.60 per sack (approximately US$ 11.05 per bushel) and grain companies were offering R$ 35.80 per sack (approximately US$ 10.52 per bushel).