Highlights
- 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.
Source: https://research.rabobank.com/far/en/sectors/grains-oilseeds/brazilian-go-monthly-june-2023.html