Mato Grosso increases soy, corn outlook

Mato Grosso - the largest producing Brazilian state for grains and oilseeds - raised its forecasts for 2021-22 corn acreage and production as well as all of its soy estimates for the 2021-22 crop year.

The forecast for corn acreage rose by 0.74pc to 6.27mn hectares (ha) compared with the previous outlook from December 2021, and is also higher by 7.44pc compared with the last season, according to the Mato Grosso Institute of Agricultural Economics (Imea). The increase is driven by higher corn prices, increased demand and favorable sowing development.

Imea expects around 94pc of the expected corn area to be sown during the ideal planting window. By 4 February, around 42pc of the expected corn area had been sown in Mato Grosso state.

Corn yield increased to 107.3 bags of 60kg per hectare, up by 15.82pc from last year. Production is pegged at 40.4mn metric tonnes (t), 24pc above the prior season.

For soybeans, the acreage is forecast at 10.91mn ha, up by 0.56pc from the last report, as farmers benefit from higher prices, increased demand and a favorable rainfall period. Meteorological forecasts continue to indicate high rainfall volumes for the next 30 days statewide, which can raise concerns on grain humidity. Soybean harvesting reached 46.66pc by 4 February.

Soybean yields are estimated at 60.27sc/kg, 2.9pc above the last report. Production is expected to increase by 9.5pc over the 2020-21 soybean crop to 39.48mn t this season, a record for the state.

By Renata Cardarelli