The recent dynamics in the U.S. soybean market has not had much of an impact on Brazilian planting intentions. “There will be more soybean acres in 2024, but it won’t be a 2 million acre increase like last year,” said Kory Melby, who is a Brazilian ag consultant. “The economics don’t justify that for the year ahead so far.” Melby says the current soybean price in Mato Grosso is $10 per bushel. The new crop corn that is being harvested now is priced at $2.65 per bushel. “Most producers are losing money on corn and it has been difficult to move the large supply of old crop soybeans. “There’s not a whole lot of economic incentive to keep pushing the envelope.”
News Categories
Latest RRFN Podcasts
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.