Brazilian G&O Monthly Update – January 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 price up 4% MOM and up 97% YOY – currency rate has been, on average, at BRL 5.33 in the first half of January 2021 (vs. BRL 5.13 last month).

• Brazilian corn farmgate price up 4% MOM and up 84% YOY – local stocks still restricted, the result of strong demand (local and foreign), which should remain this year.

• Brazilian soy exports fell sharply, to 274,000 metric tons in December 2020, 92% less volume than the same period last year.

• Brazilian corn exports reached 5.0m metric tons in December 2020, 14% higher volume than the same period in 2019. This was also the highest volume for this month since 2015.

• In almost all analyzed regions, the volume of precipitation recovered in December 2020; however, some regions continue to have an alarming situation, mainly in the South.