Brazilian G&O Monthly Update – March 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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- The Brazilian soybean farmgate price is up 6% MOM and 20% YOY – the currency rate has been, on average, at BRL 4.66 in the first half of March 2020 (vs BRL 3.83 in this same period in 2019).
- The relatively good soybean prices, in BRL terms, have boosted farmers selling. In Mato Grosso, 75% of the harvested 2019/20 season is already sold.
- Brazilian soybean exports reached 6.5mmt in 2020 (Jan-Feb), 11% down YOY. This volume, however, is 47% higher than in this same period in 2018.
- Given tight local stocks and domestic premiums over export prices, Brazil exported 0.35mmt of corn in February 2020, the lowest volume for this month since 2012.
- Some producing regions faced low rainfall volumes in the first half of March 2020. This has been pressuring second-crop corn conditions based on weather evaluation.
Where to go from here
Victor IkedaSenior Analyst - Grains & Oilseeds Read more