Brazilian G&O Monthly Update – January 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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- In January, Brazilian soybean farmgate prices decreased by 1% versus the previous month. Good weather conditions improved expectations for 2022/23 soybean crop production and pressured prices lower.
- In January, the corn farmgate price was up 3% versus the previous month due to strong December 2022 exports and tight ending stocks for the 2021/22 season.
- December 2022 Brazilian soy exports reached 2m metric tons. Total 2022 Brazilian soy exports were 78.9m metric tons. Ending stocks for the 2021/22 crop year were lower than the previous year’s.
- Accumulated Brazilian corn exports in 2022 reached 43.4m metric tons, up 112% from the previous year. A December 2022 rebound in exports enabled Brazil to achieve a record volume in 2022.
- Favorable rainfall during the grain filling stage resulted in improved soybean crop conditions. Consequently, soybean crop production expectations remain favorable for the 2022/23 cycle. Rabobank’s forecast for output in the new season is 153m metric tons, 25m metric tons above the previous season.