Soy Market: Overview of the Week in Mato Grosso - 24/03/2023

In the weekly bulletin published by IMEA (Instituto Mato Grosso de Economia Agropecuária), according to the Secretariat of Foreign Trade (Secex), there was a decline in the volume of exports from the soybean complex in Mato Grosso compared to the same period in 2022.

2,45 million tons of grain were exported during the months of January and February 2023, a reduction of 41,71% compared to the same period in 2022 and which can be attributed to the delay in harvesting.

As for by-products, soybean meal had a total of 948,58 thousand tons exported until the month of February, with a reduction of 6,08% compared to the previous year. Soybean oil also shows a drop, with the volume exported of 76,44 thousand tons, a reduction of 1,86% compared to 2022.

With the end of the harvest period approaching and the high volume of grain available on the market, it is expected that there will be an increase in exports in the coming months, mainly of by-products, due to the crop failure that occurred in Argentina.

An example that can already be seen is the increase in import volume from Thailand, which grew 53,76%, equivalent to 356,22 thousand tons, compared to last year.

Market

Future soybean prices on the Chicago Stock Exchange (CBOT) were negative, also reflecting the Brazilian domestic market, which showed widespread declines. This is partly due to the high supply, after the country presented a record harvest.

The soybean market in Mato Grosso showed a drop of 1,63% in the weekly comparison. According to Tarken, the market presents the following prices:

• Smile - R$ 137,80/sc

• Nova Mutum - R$ 141,38/sc

• Campo Novo do Parecis - R$ 139,95/sc

• Sapezal - R$ 137,35/sc

• Lucas do Rio Verde - R$ 139,23/sc