The agency raised the estimate of soybean planting area in Mato Grosso, Brazil

Golden Ten Futures, August 6th, according to foreign media reports, according to the survey results released by the Institute of Agricultural Economics (Imea) in Mato Grosso, Brazil, the state's 2024/25 annual soybean planting area is expected to increase to 12.66 million hectares, an increase of 0.8% from last month's estimate. The latest estimate means that the state's soybean production is expected to set a record. After the adjustment of the planting area estimate, Imea's estimate for Mato Grosso's 2024/25 annual soybean production is updated to about 44 million tons, the sowing area is expected to increase by 1.47% compared with the previous year, and the yield is expected to increase by 11%. Last year's soybean crop suffered a drought. Imea said in the report, "As soybean futures prices rose in the second quarter of 2024 due to the fluctuation of the US dollar exchange rate, the state's growers will expand the soybean planting area. In addition, some parts of the state are willing to convert pastures to farms, especially in the northern regions. "Last year's soybean crop suffered from insufficient precipitation and hot weather. The latest production estimate is 12.78% higher than the previous year's production. But the latest estimate is still below the record high of 45.30 million tons recorded in 2022/23. Although the planting area in 2022/23 was less than expected, the yield was the highest in history. The estimate of lmea is still preliminary, and planting work will not start until mid-September.