Update

Brazilian G&O monthly update – May 2026

19 May 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

    Brazilian soybean farmgate prices have declined modestly in May. However, prices are down 6% on a year-on-year basis. Weaker basis, a stronger Brazilian real, and rising internal freight costs are compressing local soybean prices, despite stronger CBOT price levels. Farmgate corn prices have fallen by 2% MOM in May. Strong competition from the US and Argentina increased corn availability during Q1 2026. Brazilian soybean exports reached 16.7m metric tons in April, a10% rise compared to April 2025. A record harvest, combined with Brazil’s strong export competitiveness, supported the export program. Corn exports in April totaled 0.5m metric tons, down 52% from the previous month. RaboResearch expects 2026 export volumes to fall below those recorded in 2025. Meanwhile, safrinha corn conditions are good in Mato Grosso. However, in a few regions – such as Goiás, Minas Gerais, and Tocantins – weather conditions are drier than expected, which could reduce the total corn crop. RaboResearch forecasts total corn production at 137m metric tons for the 2025/26 season.

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