Brazilian farmers are slow sellers of their 2022/23 corn production

Farmers in Mato Grosso have been slow sellers of their anticipated 2022/23 corn production due to questions about the overall crop and lower prices compared to last year. According to the Mato Grosso Institute of Agricultural Economics (Imea), farmers in the state have sold 25% of their anticipated 2022/23 safrinha corn production. This represents an advance of 2% compared to the prior month. One reason for their cautious approach are concerns about delayed planting of the safrinha corn. Imea reported that farmers in the state had planted 50% of their safrinha corn as of late last week compared to 68.4% last year and 63.3% average. This represents an advance of 16.1% for the week. Imea indicated that 80% of the safrinha corn needs be planted by the end of February if their 2022/23 statewide corn yield projection of 104.2 sacks per hectare (99.4 bu/ac) is to be achieved. Technicians at Imea are now estimating that 69% of the safrinha corn will be planted by the end of February. The ...