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.


- 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.