Brazilian G&O monthly update – March 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 up 2.3% in March compared to February. An oversold futures market plus seasonal strength led to higher CBOT futures prices, which were reflected in higher local prices.

- March farmgate corn prices were 5% down from the previous month. Strong crops in Argentina and large US corn stocks led to lower prices. Corn futures prices are down 34% from year-ago levels.

- In February 2024, Brazilian soybean exports reached 6.6m metric tons, 32% higher than the previous year. Negative premiums traded at ports have given Brazilian soybean exports a competitive price advantage in the export market.

- In February 2024, corn exports were 1.7m metric tons, down 25% from January 2024. A record US corn crop and strong competition from the US have lowered corn exports.

- Safrinha planting is at 92%, and the crop is in very good condition in most producing regions. Rabobank estimates a crop of 123m metric tons, 12m metric tons below last year’s crop.