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Brazilian G&O monthly update – August 2024

19 August 2024 15:42 RaboResearch

Our latest report for Brazilian G&O, detailing farmgate prices, amounts sold, exports, and crush margins for corn and soybeans, as well as regional weather developments.

Rabobank

Highlights

    In August, Brazilian soybean farmgate prices increased slightly – by 0.7% – versus the previous month, despite weaker CBOT prices. Devaluation of the Brazilian real played a key role in soybean pricing during August.
    In August, farmgate corn prices were 4% higher than in the previous month. The strong devaluation of the real also supported higher corn prices during the month. July 2024 Brazilian soybean exports reached 11.2m metric tons, 16% lower than the previous month. Year-to-date exports are 4% higher than the previous year, despite a decrease in production for the 2023/24 season. Corn exports in July amounted to 3.6m metric tons, representing a 16% decrease from July 2023. Year-to-date exports are 25% below those of last year. A smaller Brazilian crop and a larger crop in Argentina have allowed the market to shift to other more economical sources. Many of the safrinha-producing areas are experiencing dry weather. Additionally, frost events have been reported in the South Region, which are impacting the condition of the wheat crop.

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