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Global Scans · Brazil · Weekly Summary


WHAT'S NEXT?: A recession in Brazil is expected to bottom out with growth turning positive starting in 2017. Its economy is expected to require a long period of fiscal and monetary adjustment after the political turmoil and public discontent of the last two years.

  • [New] Large-scale soybean production in the U.S. - America is the world's second-largest soybean supplier, just behind Brazil - was a golden opportunity for Honda. SlashGear
  • [New] The latest USDA report expects Brazil to export 100 million metric tons of soybeans compared to 103 million metric tons last year. Agweek
  • [New] Despite growth in Brazil being expected to weaken compared to 2023, the South & Central American region is still forecast to grow faster in 2024 and 2025 as Argentina emerges from recession. Bimco
  • [New] Following a prolonged period of supply chain disruption stemming from the covid pandemic, a new and withering price war has resulted as major importers like Brazil have pivoted away from expensive Bolivian supplies to cheaper liquefied natural gas from the United States and Middle East. The Week
  • [New] The consultancy firm expects the wheat crop yield in Brazil to grow 3.02 tons per hectare in the 2024/2025 crop, from 2.34 tons per hectare in the previous year, which was impacted by adverse climate conditions. UkrAgroConsult - gg
  • The U.S. Department of Agriculture last week trimmed Brazil's 2023-24 soybean harvest to 155 million metric tons from 156 million estimated in February, a much smaller cut than expected. MarketScreener
  • In a significant move that could reshape global financial transactions, the BRICS countries (Brazil, Russia, India, China, and South Africa) are set to develop a unified payment system utilizing digital currencies and blockchain technology. Crypto Reporter
  • Increased manufacturing output in a place like Mexico could fuel commodity demand from countries such as Brazil, Chile or Argentina. Global Finance Magazine
  • In a further headwind for OPEC +, the IEA expects oil supply to grow to a record high of about 103.8 million bpd in 2024, almost entirely driven by producers outside OPEC +, including the United States, Brazil and Guyana. investing.com UK
  • Getting agreement among the G20, which includes the United States, the European Union, China, India, Brazil, Saudi Arabia and Argentina among others, will be tough and could take a very long time. CNN
  • Active policy discussions in Singapore, Malaysia, Indonesia, India, the United Arab Emirates, Brazil and the United Kingdom would help trigger an additional 30% increase in biojet fuel demand to 2028. IEA
  • Soybeans are under pressure after the U.S. Department of Agriculture cut its Brazilian soy harvest forecast less than expected and raised its global supply projection to the highest on record. MarketScreener
  • Analysts surveyed by The Wall Street Journal forecast a cut of 3.5 million metric tons to Brazilian soybean production, which if true, would still keep the USDA's outlook for Brazil higher than Conab and other regional forecasters. MarketScreener
  • For Brazil corn production, Dow Jones expects USDA's estimate to be lowered from 124.0 million metric tons to 122.4 mmt, or 4.82 bb. DTN Progressive Farmer
  • China, India and Brazil are set to account for 78% of growth in global oil demand in 2024, which is forecast to reach a new peak of 103 million barrels a day. Mint
  • Analysts on average expect the USDA to lower its estimate for Brazil's soybean harvest to 152.28 million metric tons and Argentina's harvest to 50.23 million metric tons. MarketScreener
  • Analysts surveyed by The Wall Street Journal are expecting Brazilian corn production to fall 1.6 million metric tons, with soybean production down 3.5 million tons. MarketScreener
  • Large nations like India, Brazil, and South Africa are struggling to reach their potential in soft power. TPBO
  • BYD is constructing an EV production plant in Brazil, and in Chile, BYD aims to establish a cathode plant, while Tsingshan plans to set up a lithium-iron-phosphate plant. Rhodium Group
  • Once in Brazil, the FPSO will be installed in the Mero field development, 180 kilometers off the coast of Rio de Janeiro, Brazil, in the deepwater Santos Basin. MarineLink
  • Dow Jones' survey expects USDA to reduce its estimate of Brazil's corn production from 127.0 million metric tons to 124.3 mmt, or 4.89 bb. DTN Progressive Farmer
  • In Centre-South Brazil we still expect sugar production to reach the second highest on record in 2023/24 (37.6m tonnes), despite the recent wet weather hindering crushing. Czapp
  • The U.S. Department of Agriculture forecasts soybean oil prices will continue declining, as a result of decreasing demand in China, increasing inventories both in the United States and globally, and increasing soybean exports from Brazil. EIA - Energy Information Administration

Last updated: 26 March 2024



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