Brazilian G&O Monthly Update – April 2022
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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Highlights
• Brazilian soybean farmgate prices in April are down 11% MOM. Year over year, prices are 2% higher than April 2021. After achieving record nominal prices in March 2022, appreciation of the Brazilian real negatively impacted soybean prices during April.
• Prices received by Brazilian corn farmers in April are also down 11% when compared to the previous month. As with soybean prices, recent BRL appreciation also negatively impacted corn pricing in Brazil.
• Despite a smaller-than-expected soybean crop, soybean exports in March 2022 were 12.3m metric tons. Total accumulated exports are 5.6m metric tons above 2021 levels. Although, on a yearly basis, soybean exports are expected to be down 10m metric tons.
• Brazilian corn exports reached 15,000 metric tons in March 2022, as the anticipated lower summer corn yields reduced corn export availability.
• Rainfall has been mostly favorable for ‘safrinha’ crop development. Despite ongoing La Niña conditions and accompanying crop uncertainties, expectations remain in place for a record crop in the 2021/22 season.
