Nov 14, 2024
2023/24 Corn in Mato Gross 76% Sold, 2024/25 Crop 20.8% Sold
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Farmers in Mato Grosso have sold 85% of their 2023/24 corn production compared to 76% last year and 88% average. This represents an advance of 6.6% for the month of October.
Sales during October were incentivized due to an increase of 15% in the price of corn which in October averaged R$ 50.67 per sack (approximately $4.45 per bushel).
For the 2024/25 corn crop, which will be planted in January and February, farmers have forward contracted 20.8% of their anticipated production which represents a monthly increase of 5.3%. The average price of the forward contract during the month of October was R$ 42.62 per sack (approximately $3.75 per bushel) which represents an increase of 4% compared to September.