Update

Brazilian G&O monthly update – July 2025

1 August 2025 12:13 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

    In July, Brazilian soybean farmgate prices declined by 2% compared to the previous year. Nevertheless, average grower prices from January to July remained 2% higher than the same period in 2024. In July, farmgate corn prices fell by 4% compared to the previous month, driven by a record Brazilian corn harvest and the ongoing progress of the safrinha harvest. In June 2025, Brazilian soybean exports reached 13.4m metric tons, 5% lower than the previous month. Despite US-China tariff tensions and a record Brazilian crop, export growth was modest in early 2025. Year-to-date exports are 1% above last year. In June 2025, corn exports totaled 0.4m metric tons, 849% higher than the previous month. Year-to-date corn exports are 22% below last year’s level. Favorable weather boosted yields across key safrinha regions, with abundant rainfall offsetting early planting concerns. RaboResearch estimates Brazil’s total corn crop at 139m metric tons.

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