Update

Brazilian G&O monthly update – January 2025

20 January 2025 17:38 RaboResearch

Marcela Marini

Senior Analyst – Grains & Oilseeds

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.

Highlights

In January, Brazilian soybean farmgate prices decreased by 7% compared to the previous month. Expectations of a record Brazilian crop weighed on prices.

January Brazilian farmgate corn prices were 1% lower than the previous month. Year-to-date prices are 25% above last year’s levels.

In December 2024, Brazilian soybean exports reached 2.0m metric tons, 21% lower than the previous month. Year-to-date exports are 3% lower than the previous year.

In December, corn exports totaled 4.3m metric tons, 10% below November. Year-to-date exports are down 29% from last year.

The Brazilian soybean harvest has reached 0.3%, an incipient level. Heavy rains are delaying field activities, but more favorable harvest weather is expected by the end of January. Rabobank´s current soybean production forecast is at 170m metric tons.

Marcela Marini

Highlights

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