Update

Brazilian G&O monthly update – March 2026

1 April 2026 15:00 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 March, Brazilian soybean farmgate prices rose by 1% compared to the previous month. This increase was modest compared to CBOT gains, as local prices were constrained by a record harvest, a stronger BRL, and high freight costs. Farmgate corn prices rose by 3% month over month in March, supported by climate uncertainty surrounding the safrinha crop and expectations of stronger domestic demand driven by corn ethanol expansion. In February 2026, Brazilian soybean exports reached 7.1m metric tons, an increase of 11% from February 2025. Brazil's new zero-tolerance rule for damaged soybeans is tightening phytosanitary certifications for China, temporarily halting exports. In February 2026, corn exports totaled 1.5m metric tons, down 75% from the previous month but 8% higher than a year earlier. Overall corn crop conditions remain good, although a larger share of safrinha corn was planted outside the ideal window. RaboResearch maintains its production forecast at 137m metric tons.

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