Brazilian G&O Monthly Update – May 2023
May 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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Highlights
- - Brazilian soybean farmgate prices decreased 6.5% in May compared to the previous month. Despite a rebound in soybean basis premiums, falling CBOT futures prices have negatively impacted soybean prices in the interior.
- - The corn farmgate price was down 15.6% in May versus the previous month. Lower CBOT futures prices and expectations of a record Brazilian corn crop pressured corn prices lower.
- - In April 2023, Brazilian soybean exports reached 14.3m metric tons, 25% above last year. Year-to-date, soybean exports are slightly ahead of last season’s pace.
- - In April 2023, corn exports were 0.5m metric tons, an all-time record. Year-to-date, corn exports are 144% above where they were last year.
- - The safrinha corn crop is in very good condition. The rainy weather has benefited fields in many producing regions. Rabobank’s forecast for total corn output in the new season is 126m metric tons, 11m metric tons above last year’s crop.
