The increase in the amount of soybeans at the 2022 23 harvest has put downward pressure on the state of Mato Grosso**, Brazil's largest producer. According to the Mato Grosso State Institute of Agricultural Economics (IMEA), as of November, the state's annual average of oilseeds was 13601 reais, down 948%。
The agency recalled that the production of the last cycle was the largest in its historical series, reaching 45.32 million tons, an increase of 10 percent compared to the 2021 22 year97%。
Given the depreciation of soybeans in Mato Grosso, coupled with Argentina's 2022 23 crop failure, the IMEA said cereals gained competitiveness abroad. Exports reached a record 27.76 million tonnes as of November, surpassing the previous quarter's total shipments.
2023 24**
Regarding the 2023 24 soybean harvest, planting was recently completed in Mato Grosso, a situation that the IMEA said was worrying due to the lack of rain and high temperatures caused by the El Niño phenomenon. The institute** production will be reduced by 704% to an estimated 42.13 million tonnes.
Due to the erratic harvest, producers are cautious when negotiating high-volume production. So, by November, 3396% of the harvest has been sold, a delay of 671 percentage points. IMEA stressed in a report.
Finally, IMEA said the state's exports are expected to be 8.8 percent lower than the 2022 23 harvest due to lower production and strong domestic demand for crushers06%。