Agricultural Market - March 13, 2026

The war involving Iran has heightened tensions in the international market and boosted agricultural commodities. Attacks on ships in the Strait of Hormuz triggered a strong reaction in oil prices. WTI surpassed $95 per barrel. Brent exceeded $100. This movement is supporting soybeans, corn, and wheat in Chicago.

Soybean prices reached levels not seen in over two years. Contracts hit US$12,50 per bushel in July. Part of the market hedged at this level. The price increase is due to factors external to the soybean complex. Expensive oil is boosting vegetable oil prices. A harsh winter in the northern hemisphere is sustaining demand for soybean meal. Near and intermediate contracts are maintaining prices above US$12 per bushel.

The Brazilian market is not following suit with the same intensity. Premiums at ports are falling to their lowest levels of the year. Buyers are indicating values ​​below -50 points in short positions. Freight costs are also reducing margins in the interior. Diesel prices vary from R$ 8 to R$ 10 per liter in several regions. At the beginning of the month, prices were between R$ 5 and R$ 6,50.

Soybean harvesting in Brazil has reached 57% of the area. Mato Grosso leads with 92%. Paraná and Mato Grosso do Sul register 58%. Goiás reaches 55%. Bahia accounts for 40%. Rondônia reaches 65%. In Rio Grande do Sul, work has begun with approximately 1% of the area.

The marketing of the new harvest is progressing at a slower pace than historically. Deals involve less than 40% of production. During the same period last year, the rate exceeded 48%. The historical average is around 47%. The country harvested approximately 171,5 million tons.

Another obstacle has emerged in the ports. Sanitary inspections have become stricter following new demands from China. The Asian country does not accept mixing with seeds of other species or invasive plants. Contaminated cargo is facing blockades. There are ships detained at their destinations. Some trading companies have suspended purchases until the flow normalizes.

Corn situation

In the corn market, Chicago also saw price increases. Short-term contracts rose more than 4%. The July contract reached US$5,10 per bushel. The market is monitoring strong demand and a possible reduction in planted area in the United States. Projections indicate a cut of approximately 2 million hectares in the next planting season.

In Brazil, the first corn crop harvest has reached approximately 55%. The planting of the second crop has reached 92% of the area. The pace remains below the historical average. A significant portion is still being planted outside the ideal window.

Wheat situation

Wheat is also gaining external support. Prices in Chicago are exceeding US$6 per bushel in short-term positions. Longer-term contracts are approaching US$6,50. This price increase raises import costs for Brazil. Projections indicate wheat prices above R$1.500 per ton in the domestic market.

Rice situation

Rice harvest in Rio Grande do Sul begins with good grain quality. Some areas show yields of 60% to 62% whole grains. Producers are holding back supply. Prices indicate R$ 55 to R$ 57 in the Western Border region. Regions near the port reach up to R$ 63 per sack. Logistical costs are putting pressure on consumer prices.

Bean situation

For beans, premium lots reach R$330 to R$360 per sack. Commercial carioca beans range from R$300 to R$335. Black beans fluctuate between R$180 and R$200 depending on the market. Retailers have already incorporated price adjustments following the increase recorded in February.