Brazilian G&O Monthly Update – November 2020

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.


• Brazilian soybean farmgate prices were up 13% MOM and 107% YOY – although FX declined from BRL 5.60 in October 2020 to BRL 5.50 in November 2020, tight local stocks and strong CBOT price appreciation are still boosting soybean prices in Brazil.

• Brazilian corn farmgate prices are up 20% MOM and 110% YOY, reaching new real record levels – this appreciation has been pushed by strong demand and high export parity levels.

• Brazil exported 2.5mmt of soybeans in October 2020, 51% less than the same period in 2019, as a result of low availability in the local market following a record pace of exports (mainly in the first half of this year).

• The soybean planting pace in Mato Grosso in October 2020 was slower than the average of the past five seasons. In November, the pace aligned with the historical average.

• Rainfall volumes in October 2020 were below the historical average in most of the production regions, impacting crop conditions, based on weather evaluation.