Brazilian G&O Monthly Update – July 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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- Brazilian soybean farmgate prices increased 6% in July compared to the previous month. Stronger CBOT futures favored local soybean prices despite the stronger BRL.
- The corn farmgate price was down 5% in July versus the previous month. Harvest progress and a lack of warehouse capacity have pressured prices in the internal market.
- In June 2023, Brazilian soybean exports reached 13.7m metric tons, 12% below the previous month. Year-to-date, soybean exports are 18% ahead of last season’s pace.
- In June 2023, corn exports touched 1.0m metric tons, up 5% from last June. Year-to-date, corn exports have reached 11.7m metric tons, an all-time record.
- According to CONAB, the safrinha harvest reached 55%, 16% below last year’s levels. Rabobank expects the total corn crop will achieve a record production of 130m metric tons – a 15m metric ton increase over last year’s crop.
