Brazilian G&O Monthly Update – September 2020
Our latest progress 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 price 14% up MOM and 65% up YOY (new nominal record levels), pushed up by FX, CBOT valuation, low local supply, and strong domestic demand.
- Brazilian corn farmgate price 17% up MOM and 80% up YOY, also reaching new nominal record values. Additionally to the devaluated FX, farmers unwilling to sell in the spot market also pushed corn prices up.
- In Mato Grosso and Paraná, 56% and 32%, respectively, of the estimated soybean 2020/21 production is already sold (pre-harvest sales with forward pricing), 27 and 25 percent points, respectively, above the average of the past five seasons for this period of the year.
- Brazil exported 6.5mmt of corn in August 2020. The total amount in 2020 (January to August) reached 13.8mmt, 38% lower than in the same period last year.
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Victor IkedaSenior Analyst - Grains & Oilseeds