Brazilian G&O Monthly Update – March 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.

Highlights

• Brazilian farmgate soybean prices in March are up 4.2% MOM. On a yearly basis, prices are 19% greater than March 2021. Despite appreciation of the BRL, prices were stronger due to increasing CBOT futures and higher premium levels. 

• Brazilian farmgate corn prices in March are up 3% versus the previous month. The recent rally in CBOT corn futures put prices 22% above March 2021 levels.

• Brazilian soybean exports reached 6.3m metric tons in February 2022 – 3.6m metric tons above February 2021. An early harvest allowed record soybean exports this year.

• Brazilian corn exports reached 0.7m metric tons in February 2022, only 8% below February 2021.

• An early soybean harvest allowed Brazilian farmers to plant the majority of the safrinha corn crop during the ideal planting window. Rainfall has favored good development of the safrinha corn crop.