Update

Brazilian G&O monthly update – April 2025

23 April 2025 11:54 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 April, Brazilian soybean farmgate prices increased by 4% compared to the previous year. During the same period, CBOT prices dropped by 12%. Currency depreciation and increasing basis values have resulted in Brazilian cash prices having a different trajectory than futures. Farmgate corn prices in March were 60% higher than the previous year. Strong local consumption combined with a weakening Brazilian real favored higher corn prices. In March 2025, Brazilian soybean exports reached 14.7m metric tons, 17% higher than in March 2024. Cumulative soybean exports are 1% above last year’s level. Due to current tension between China and the US, Brazil’s soybean exports could reach 109m metric tons. In March 2025, corn exports totaled 0.9m metric tons, 40% lower than the previous month. Year-to-date corn exports are 16% below last year’s level. Safrinha crop conditions are mostly favorable across all producing regions. RaboResearch estimates a total corn crop of 126m metric tons, a 3m metric ton increase compared to the previous year.

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