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.

Highlights

- 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.