Brazilian G&O Monthly Update – February 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.

Highlights

• Brazilian soybean farmgate prices are 7% up MOM, and 108% up YOY – currency rate has been at BRL 5.40, on average, in the first half of February 2021 (vs BRL 5.35 in the same period last month).

• The Brazilian corn farm price is 2% higher MOM and 82% YOY – local stocks still tight as a result of strong demand (local and foreign), which should remain tight for several months. 

• Brazilian soy exports in January 2021 fell -98% YOY to only 23,000 metric tons, due to a significantly delayed harvest, which at 22% harvested, is the slowest in the past decade.

• Brazilian corn exports reached 2.55m metric tons in January 2021, a volume 21% higher than in the same period in 2020.

• In almost all the regions analyzed, the volume of precipitation recovered in December 2020 and January 2021, positively impacting soybeans yield expectations.