Brazilian G&O Monthly Update – July 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 prices are up 11% MOM and up 51% YOY. The currency rate increased from BRL 5.06 in the first half of June 2020 to BRL 5.35 in the first half of July 2020.
- The high level of prices in BRL continues to boost soybean pre-harvest sales (forward pricing) for the 2020/21 season in Mato Grosso, which reached 47% of expected production.
- An eagerness has also been seen in farmers’ sales of second crop corn – 41% of the expected production of second crop corn for 2021 is already sold in Mato Grosso.
- Brazilian soybean exports reached 60.3mmt in 1H 2020 (January to June), 38% more than in the same period last year.
- The second crop corn harvest reached 61% of the total acreage in Mato Grosso. Although this percentage is lower than in the same period last year (76%), it is above the average of the past five seasons for this period of the year (50%).
Where to go from here
Victor IkedaSenior Analyst - Grains & Oilseeds Read more