Highlights
Dr. Michael Cordonnier, the guru of South American crop production, wrote on Friday:
"Farmers in Mato Grosso have a difficult decision to make concerning their 2023/24 safrinha corn. Soybean planting in many areas of the state has been delayed due to hot and dry conditions and some of the early planted soybeans will need to be replanted. These delays will result in a delay in planting the safrinha corn in January and February.
The ideal planting window for safrinha corn in the state closes about the third week of February. Corn planted after that date runs the risk of lower yields, especially this year with an El Nino that can result in an early end to the summer rainy season.
Making the decision to plant safrinha corn even more difficult is the current low domestic corn prices in Mato Grosso. In February of 2023, the corn price in the mid-north region of Mato Grosso was above R$ 60.00 per sack (approximately $5.45 per bushel). Today, the price is below R$ 40.00 per sack (approximately $3.63 per bushel). Domestic corn prices are expected to improve somewhat before the end of the year, but it remains to be seen if they will improve enough to encourage farmers to plant all their intended safrinha corn.