Brazilian G&O Monthly Update –September 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 were up 1% in September from the previous month. BRL devaluation and increased premiums boosted domestic soybean prices despite weaker CBOT.
- The corn farmgate price was up 3% in September from the previous month. Despite higher prices in September, producer sales are still below historical average.
- In August 2023, Brazilian soybean exports reached 8.4m metric tons, down 14% from the previous month. Year-to-date, soybean exports are 22% ahead of last season’s pace.
- In August 2023, corn exports reached 9.3m metric tons, up 25% from last August. Year-to-date, corn exports have reached 25.2m metric tons, an all-time record.
- Farmers were allowed to start soybean planting on September 10. However, weather forecasts do not show significant rainfall in most soybean producing regions for the next 15 days, which may limit planting progress.
Where to go from here
Marcela MariniSenior Analyst – Grains & Oilseeds Read more