Brazilian G&O Monthly Update – April 2021
Our latest report for Brazilian G&O, detailing farmgate prices, amounts sold, exports, and crush margins for corn & soybeans, as well as regional weather developments.
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• Brazilian soybean farmgate prices are up 1% MOM and up 89% YOY – CBOT and BRL devaluation continue to support soybean prices.
• Brazilian corn farmgate prices are 8% higher MOM and 94% YOY. Delays on ‘safrinha’ corn planting and crop uncertainty are pressuring Brazilian prices.
• Brazilian soy exports in March 2021 achieved a record 13.5m metric tons, 24% above March 2020, partially offsetting lower volumes loaded during January and February. New export records are also expected for April and May.
• Despite higher soybean prices, farmers are selling are at a slow pace. Though prices are at their highest levels, Brazilian farmers are expecting new highs.
• Based on weather evaluation, second-corn crop conditions are below the five-year average. The delay on winter corn planting will require rains during the end of April and early May.
Where to go from here
Marcela MariniSenior Analyst – Grains & Oilseeds Read more