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.
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• 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.
Where to go from here
Victor IkedaSenior Analyst - Grains & Oilseeds Read more