Brazilian G&O Monthly Update – October 2022

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 October, Brazilian soybean farmgate prices dropped 3% on a monthly basis. A weaker CBOT coupled with a stronger BRL reduced soybean prices in BRL. 

- In October, the corn farmgate price is down 1.0% versus the previous month. A sharp increase in interior freight rates and a decrease in interior premiums has slowed the export pace.

- September 2022 Brazilian soy exports reached 4.3m metric tons, 28% below August 2022 volumes. In 2022, Brazilian soybean exports are projected to reach 76m metric tons, 10m metric tons below 2021.

- Accumulated Brazilian corn exports through September are 24.7m metric tons, 92% above the previous year. A record ‘safrinha’ corn supply will result in Brazilian exports reaching 42m metric tons in 2022.

- Weather during October will encourage farmers to advance on summer crop planting. Good volumes of rain are forecast in most soybean producing regions, improving soil moisture.