Brazilian G&O Monthly Update – May 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 up 2% MOM, and up 80% YOY – higher CBOT quotations keep supporting soybean prices.
• Brazilian corn farm prices 8% higher MOM, and 129% on year. Drier weather in main producing areas is pressuring prices in BRL/bag.
• Soybeans farmer-selling pace is at 83%, 6% below last year levels. Even though prices are at record levels, farmers are reluctant to add new sales.
• Brazilian soy exports in April 2021 achieved a record of 17.4m metric tons – 17% above April 2020. Drier weather over ports improved loading pace in Brazil.
• Weather during ‘safrinha’ crop has been drier than normal (from April 2021). Rains during pollination are crucial, and weather conditions are increasing the chances of crop losses in Brazil.
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Marcela MariniSenior Analyst – Grains & Oilseeds Read more