Brazilian G&O Monthly Update

Highlights

In September, Brazilian soybean farmgate prices increased by 1% compared to the previous month. A strong soybean basis at ports is supporting soybean prices, largely driven by Chinese demand.

Farmgate corn prices rose by 4% in September compared to the previous month. Strong domestic demand for feed and corn-based ethanol is contributing to higher local corn prices.

In August 2025, Brazilian soybean exports reached 9.3m metric tons, 24% lower than the previous month. However, year-to-date exports are 4% higher than during the same period last year. RaboResearch estimates Brazilian soybean exports will reach 110m metric tons for the 2024/25 season.

Corn exports totaled 6.8m metric tons in August 2025, up 181% from the previous month. Year-to-date corn exports are 12% below last year’s level.

Rainfall is expected over the next 15 days, which could encourage farmers to move forward with summer crop plantings, including corn and soybeans.