Brazilian G&O Monthly Update – October 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 dropped 2% in October compared to the previous month. Year-to-date soybean prices are 27% below last year’s levels.
- The corn farmgate price was up 2% in October versus the previous month. Despite prices increasing since July, producer selling still lags the historical average.
- In September 2023, Brazilian soybean exports reached 6.4m metric tons, 24% below the previous month. Year-to-date soybean exports are 24% ahead of last season’s pace.
- In September 2023, corn exports hit 8.8m metric tons, up 36% from last September. Year-to-date corn exports have reached 34m metric tons, an all-time record.
- Soybean planting in Brazil is 19% complete, 3% behind the historical average. The lack of rainfall in the Center-West and excess rains in the South have slowed the soybean planting pace in Brazil.
