Brazilian G&O Monthly Update – July 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 50% YOY and down 0.3% MOM on the back of weaker CBOT levels, which were largely offset by a weaker BRL.
• Brazilian corn farmgate prices are up 1% MOM and 102% YOY. The impact of lower corn production in Brazil was not offset by weaker CBOT levels on a monthly basis.
• Brazilian corn exports were historically low in June 2021, as delayed harvest and low corn availability limited exports out of Brazil. Exports in June 2021 were 70% below last year’s levels.
• In addition to low corn exports, soybean exports underperformed. The pace of Brazilian soy exports was significantly lower in June 2021, reaching 11.1m metric tons – a total reduction of 26% MOM and 13% below June 2020.
• According to IMEA, ‘safrinha’ corn was 36% harvested in Mato Grosso, 26% below the 2019/20 season and 15% below the five-year average; a delayed harvest impacted the corn export pace in June.
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Marcela MariniSenior Analyst – Grains & Oilseeds Read more