Brazilian G&O Monthly Update – February 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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Highlights
- In February, Brazilian soybean farmgate prices decreased by 2.0% versus the previous month. Higher freight quotations resulting in lower basis and a stronger Brazilian real reduced local prices in the interior.
- In February, the corn farmgate price was down 3.0% versus the previous month., again due to the stronger real reducing corn prices.
- January 2023 Brazilian soy exports reached 0.8m metric tons, 66% below last year. A significant delay in the soybean harvest has limited soybean supplies for export.
- January 2023 corn exports achieved 6.2m metric tons, an all-time record. A 2021/22 record ‘safrinha’ harvest enabled record corn exports.
- In January and February, rainfall was above historical levels in most of the major producing regions. This has delayed soybean harvest and consequently the ‘safrinha’ planting progress. Rabobank’s forecast for soybean output in the new season is 153m metric tons, 25m metric tons above last year.
