Update

Brazilian G&O monthly update – February 2026

27 February 2026 11:13 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

    Brazilian soybean farmgate prices have fallen by 3% in February compared to the previous month. Despite stronger CBOT prices, local prices came under pressure from another record harvest, a firmer Brazilian real, and ongoing geopolitical uncertainties. Farmgate corn prices have also declined in February, dropping 4% from the previous month’s numbers. Favorable prospects for the safrinha crop and a firmer Brazilian real weighed on local corn prices. In January 2026, Brazilian soybean exports reached 1.9m metric tons, a decline of 45% from the previous month. However, exports were 75% higher than in January 2025. RaboResearch projects total soybean exports for the 2025/26 season at 112m metric tons. In January 2026, corn exports totaled 4.2m metric tons, down 31% from the previous month but 18% higher than a year earlier. Crop conditions were rated good-to-excellent across most growing regions, prompting RaboResearch to raise its output forecast to 181m metric tons, an increase of 2m metric tons from the previous report.

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