Update

Brazilian G&O monthly update – December 2024

18 December 2024 23:00 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 December, Brazilian soybean farmgate prices decreased by 1%, compared to the previous month. Year-to-date prices are 8% higher than last December.

Farmgate corn prices in December increased by 1.5% from the previous month. A weakening BRL favored local corn pricing.

In November 2024, Brazilian soybean exports reached 2.6m metric tons, 46% lower than the previous month. Year-to-date exports are 1% lower than the previous year.

Corn exports in November totaled 4.7m metric tons, 26% lower than the previous month. Year-to-date exports are down 29% from last year. A smaller Brazilian crop and draft restrictions in North Arc ports reduced Brazilian competitiveness.

Soybean planting is nearly complete, and crop development is in very good condition. RaboResearch has a positive outlook for soybean crop estimates, currently projected at 167m metric tons.

Marcela Marini

Highlights

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