Brazilian G&O Monthly Update – November 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.

- Brazilian soybean farmgate prices were up by 1% in November compared to October. CBOT futures prices were higher due to recent non-ideal weather in South America.

- The farmgate corn price was nearly flat in November. Year-to-date, prices are down 42% from November 2022. The record crop has put pressure on prices in Brazil.

- In October 2023, Brazilian soybean exports reached 5.5m metric tons, 4% below the previous month’s level. Year-to-date, soybean exports are 25% ahead of last season’s pace.

- In October 2023, corn exports were 8.4m metric tons, up 24% from October 2022. Year-to-date, corn exports have reached 42m metric tons, an all-time record.

- Soybean planting in Brazil is 58% complete, 12% behind the historical average. Adverse weather in the south (excessive rains) and center-north (lack of rainfall) is delaying planting pace in Brazil.