Brazilian G&O Monthly Update – August 2023
Our latest 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 increased 1% in August compared to the previous month. Stronger CBOT futures favored local soybean prices despite the stronger Brazilian real.
- The corn farmgate price was down 1% in August versus the previous month. Harvest progress and a lack of warehouse capacity have pressured internal market prices.
- In July 2023, Brazilian soybean exports reached 9.7m metric tons, 30% below the previous month. Year-to-date, soybean exports are 20% ahead of last season’s pace.
- In July 2023, corn exports were 4.2m metric tons, up 3% from last July. Year-to-date, corn exports have reached 15.9m metric tons, an all-time record.
- The 2023/24 soybean planting is expected to begin in mid-September. By that time, the sanitary break will have ended in Mato Grosso and Paraná. NOAA is forecasting an El Niño event, which limits rain in the north and northeast of Brazil.
