Brazilian G&O monthly update – February 2024

Our latest report for Brazilian G&O, detailing farmgate prices, amounts sold, exports, and crush margins for corn and soybeans, as well as regional weather developments.

- Brazilian soybean farmgate prices were down 7.9% in February compared to January. Despite a smaller local crop, higher global production and lack of demand have weighed on local prices.

- February farmgate corn prices were 2% below the previous month. Higher Argentine crop volumes and elevated US corn ending stocks pressured corn prices lower.

- In January 2024, Brazilian soybean exports reached 2.9m metric tons, 240% higher than a year ago. The harvest’s advance favored soybean exports during this period.

- In January 2024, corn exports were 4.9m metric tons, down 20% from December 2023. Higher competition from the US has lowered corn exports.

- The soybean harvest is advancing rapidly, surpassing last year’s pace and the five-year average, allowing farmers to plant safrinha during the ideal planting window. Rabobank has revised its soybean production estimates to 153m metric tons, 10m metric tons below initial estimates.