Research

Brazilian G&O monthly update – November 2024

26 November 2024 17:30 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 October, Brazilian soybean farmgate prices increased by 3%, compared to the previous month. Local premiums and BRL devaluation favored local soybean pricing.

Farmgate corn prices in October were 9% higher than the previous month. Following the local soybean price behavior, the BRL devaluation and higher local basis also supported higher corn prices.

In October 2024, Brazilian soybean exports reached 4.7m metric tons, 23% lower than the previous month. However, year-to-date exports are 2% higher than the previous year, despite a decrease in production for the 2023/24 season.

In October, corn exports totaled 6.4m metric tons, a similar volume compared to the previous month. Year-to-date exports are down 28% from last year. A smaller Brazilian crop and draft restrictions in Northern Arc ports reduced Brazilian competitiveness.

Soybean planting is well advanced due to a significant improvement in the weather. For the next 15 days, weather maps show excellent rains across all soybean-producing regions.

Marcela Marini

Highlights

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