Update

Brazilian G&O monthly update – May 2025

27 May 2025 11:54 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 May, Brazilian soybean farmgate prices decreased 2% compared to the previous year. Currency appreciation and downward pressure on basis contributed to a decline in domestic soybean prices. Farmgate corn prices in May were 8% lower than the previous year. The decline is attributed to favorable safrinha crop conditions and a stronger Brazilian real, which have put downward pressure on prices. In April 2025, Brazilian soybean exports reached 15.3m metric tons, 4% higher than the previous month. Year-to-date exports are 2% above last year, driven by a record harvest and China’s shift away from US-origin soybeans. In April 2025, corn exports totaled 0.2m metric tons, 80% lower than the previous month. Year-to-date corn exports are 14% below last year’s level. Safrinha crop conditions are mostly favorable across all producing regions. Rains in April have been supportive to potential yields. RaboResearch estimates total corn production at 129m metric tons, a 6m-metric-ton increase compared to the previous year.

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