Brazilian G&O monthly update – December 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.

- Brazilian soybean farmgate prices were up by 0.4% in December compared to November. The weather market has increased prices due to irregular showers in soybean-producing areas.

- December corn farmgate prices were 8% above November’s. Area reduction and weather expectations for the 2023/24 crop increased prices in the local market.

- In November 2023, Brazilian soybean exports reached 5.2m metric tons, 7% below the previous month. Year-to-date, soybean exports are 27% ahead of last season’s pace.

- In November 2023, corn exports were 7.4m metric tons, up 26% from November 2022. Year-to-date, corn exports have reached 50m metric tons, an all-time record.

- Erratic weather has been limiting soybean yield potential in Brazil. Rabobank has revised its soybean production estimates to 158m metric tons, 5 m metric tons below initial estimates.