Analytical Reports

Brazilian G&O Monthly Update – June 2023


  • Despite higher CBOT futures prices, Brazilian soybean farmgate prices decreased by 3.5% in June compared to the previous month. Stronger BRL and lower soybean premiums have offset higher CBOT futures.

  • The corn farmgate price was down 14.2% in June versus the previous month. The higher expectations on the total corn crop and the beginning of harvest have reduced price levels in local markets.

  • In May 2023, Brazilian soybean exports reached 15.6m metric tons, 46% ahead of May 2022. Year-to-date, soybean exports are 9% ahead of last season’s pace.

  • In May 2023, corn exports were 0.4m metric tons, down 65% from last May. Year-to-date, corn exports have reached 10.6m metric tons, an all-time record.

  • The ‘safrinha’ corn crop is in very good condition. Despite the delay in safrinha planting, Rabobank expects total corn crop will reach a record production of 129m metric tons. This is a 14m metric ton increase over last year’s crop.