Brazil’s Mato Grosso corn estimates trimmed, soybeans at all-time high: IMEA

Brazil’s main corn and oilseeds producer Mato Grosso has produced the largest soybean crop in history while 2021/22 corn estimates were trimmed by 0.5% to 39.2 million mt, the state’s agriculture institute IMEA showed late Monday.

The new corn figures represent a 191,000 mt reduction when compared to those released in early May as an increase in acreage was more than offset by falling yields.

“The reason behind the yield estimate cut is the hydric deficit that a large part of the state has been facing since April 2022,” IMEA said.

The institute has highlighted that the areas that are suffering more severely from the lack of moisture are the same that had the largest proportion of grains planted after the ideal window.

Output cuts were not greater due to a 1.2% uptick in acreage estimates.

“The increase in planted area is underpinned by high corn price levels and expectations of robust export and domestic demand,” IMEA said.

If IMEA’s estimates prove right, this will be the largest corn crop on record in the estate despite the minor month-on-month output cut.

Meanwhile, IMEA has consolidated its 2021/22 soybean acreage figures at 11.5 million hectares through satellite images.

This represents a 5.1% increase compared to the institute’s previous estimate released in early-May and a 9.7% jump compared to the previous marketing year.

As for corn, high prices and robust demand were behind soybean acreage increase, IMEA said.

Mato Grosso’s soybean yields were consolidated at 59.3 bags per hectare, 3.3% higher year-on-year.

Based on these consolidated figures, the state has produced 40.9 million mt of beans in 2021/22, IMEA said, an all-time high and 13.3% higher year-on-year.