Brazil Agribusiness Quarterly Q3 2018

This quarterly update on Brazilian agriculture provides a market outlook for sugarcane, corn, coffee and other key commodities, and gives an overview of what developments to watch in the weeks to come.

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Highlights include:

FX - We project an FX rate of 3.70 per dollar at the end of this year, with favourable signs for the execution of reforms after the elections, but counting on reduced global liquidity, given the normalization of U.S. interest rates. 

Fertilisers - Fertiliser deliveries surged in July and August, compensating losses caused by the truckers’ strike in May. However, inventories are at the lowest level since 2010 due to lower imports. 

Cane, Sugar & Ethanol - A rally in sugar futures has been cut short by the threat of increased Indian exports. With an early close expected for the harvest, today´s record ethanol stocks should begin to run down, prompting a seasonal rise in prices in Q4.

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  • Andy Duff

    Head of RaboResearch Food & Agribusiness - South America; Global Strategist - Sugar
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  • Matheus Almeida

    Senior analyst – Farm Inputs
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  • Adolfo Fontes

    Senior Analyst - Animal Protein
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  • Guilherme Morya

    Analyst - Beverages
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  • Andrés Padilla

    Senior Analyst - Beverages, Dairy, F&A Supply Chains
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  • Victor Ikeda

    Senior Analyst - Grains & Oilseeds
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