Brazilian G&O Monthly Update – June 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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- In June, Brazilian soybean farmgate prices were down 1.9% MOM, with BRL appreciation as a key driver of the lower price. Year-on-year, prices were 15% above June 2021.
- Despite weather concerns for the ‘safrinha’ corn crop, Brazilian corn farmgate prices in June are down 2.5% versus the previous month. Similarly, year-on-year prices are 4% below June 2021 levels.
- May 2022 Brazilian soy exports reached 10.6m metric tons, 7% below April 2022 levels. Poor Chinese crush margins have limited the soybean export pace.
- Brazilian corn exports reached 1.2m metric tons in May 2022, 69% above the previous month. Ukraine export disruptions have favored unseasonably large corn exports out of Brazil.
- Weather during May 2022 was drier than expected in the Center-West and Southeast region, resulting in a slightly smaller crop than expected. However, early ‘safrinha’ planting for the 2021/22 crop will limit yield losses.
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Marcela MariniSenior Analyst – Grains & Oilseeds Read more