Update

Brazilian G&O monthly update – March 2025

25 March 2025 10:54 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 March, Brazilian soybean farmgate prices decreased by 1% compared to the previous month. Despite a record Brazilian crop, estimated at 170m metric tons, the global geopolitical tensions are amplifying soybean basis at ports. Farmgate corn prices in March were 8% higher than the previous month. Year-to-date prices were 56% above last year levels. A robust increase in local corn consumption and low stocks is supporting local corn prices. In February 2025, Brazilian soybean exports reached 6.4m metric tons, 221% higher than the previous month. The cumulated soybean exports are 21% below last year´s levels. Corn exports in February 2025 totaled 1.4m metric tons, 66% below the previous month. Safrinha crop conditions are overall favorable. Good volumes of rain are expected to reach most of the producing regions during the next week. RaboResearch estimates a total corn crop of 126m metric tons.

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