Brazil's Mato Grosso soybean crush largest on record for Sep: IMEA

The soybean crush in Brazil’s largest agricultural-producing state of Mato Grosso was the largest on record for September at 1 million mt, the state’s agriculture institute IMEA said late Monday.

Monthly crush volumes dropped 8% on the month due to seasonal factors, as Brazilian plants usually halt activity for maintenance works during the second half of the year.

That said, volumes crushed in September were 18.6% higher than in the same month in 2022 and the state has crushed 2.5% more beans in the first nine months of 2023 compared with the same period in the previous year.

“[The year-on-year increase in crush volumes] is due to the robust demand for soy products, especially export demand for soymeal,” IMEA said.

IMEA also said that gross crush margins improved by 3.8% in September compared with the previous month on the back of rising soyoil prices.