Brazilian G&O Monthly Update – June 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 down 2% MOM, but up 32% YOY. After reaching a nominal record (in BRL) in May 2020, prices declined following the fall in the currency rate.
- In Mato Grosso, pre-harvest sales (forward pricing) for the 2020/21 season reached 43% of expected production, the highest percentage for this period of the year.
- Brazilian soybean exports reached 48.1mmt in 2020 (Jan to May), 34% above the former record for this period (35.8mmt exported in 2018).
- Brazilian corn exports reached 3mmt in 2020 (Jan to May), down 62% YOY. Given the beginning of the second crop corn harvest, exports will increase in the coming months.
- Based on weather evaluation, 2020 second crop corn conditions are lower than average. The expected yield will be negatively impacted. However, production in comparison to the previous season will be partially offset by the higher acreage (0.9m hectares growth).
Where to go from here
Victor IkedaSenior Analyst - Grains & Oilseeds Read more