Agricultural Market - March 17, 2026

The international market continues to put pressure on production costs. Oil prices remain high, with WTI near US$95 and Brent above US$100. This scenario is driving up the price of diesel and fertilizers. Producers are reporting difficulties with the terms of trade.

Soybeans started the week with a strong technical sell-off in Chicago. Losses ranged from 30 to 70 points. In the following trading session, there was a recovery and an attempt to form support. Levels indicate a base at US$ 11,50 per bushel and resistance between US$ 11,80 and US$ 12. Contracts for 2027 are trading above US$ 11,30. Levels above US$ 11,50 attract hedging operations.

The weather in the Northern Hemisphere remains uncertain. Intense cold, snow, and frost are hindering planting progress in the United States. The market remains defensive, with little room for further declines.

In Brazil, the soybean harvest has reached 62%. Mato Grosso leads with 98%. Paraná reaches 70%. Mato Grosso do Sul totals 75%. Goiás registers 68%. Bahia reaches 50%. Rondônia reaches 80%. Rio Grande do Sul starts with 2%.

The state of Rio Grande do Sul is facing significant losses. Production could fall from a potential of between 25 and 26 million tons to around 20 million. Recent rains have provided some relief to late-planted crops.

Sales of last season's crop have reached 99%. The traded volume totals 169,5 million tons. The current crop has 42% sold, below the historical average of 49%. The pace slowed after logistical obstacles and inspections of shipments.

Exports continue at record levels. In March, shipments reached 6,5 million tons in the first two weeks. Year-to-date, they total 15,5 million tons, above the 14,8 million tons of the previous year. The soybean complex totals 20,4 million tons exported. Revenue exceeds US$ 3 billion for the month.

Corn situation

The corn market reports that 60% of the first crop has been harvested. Planting of the second crop has reached 97%, with a significant delay. Estimates indicate that up to 1 million hectares are outside the ideal planting window.

The available supply totals 28,3 million tons. This includes stocks from the first harvest and remnants from the previous off-season harvest. Domestic consumption exceeds 8 million tons per month. Exports are increasing, reaching 6,3 million tons for the year.

In Chicago, corn is seeking support at $4,50 per bushel. Contracts for July 2027 are trading near $5, a level considered attractive for future pricing.

Wheat situation

Wheat is showing support at US$6 per bushel in the short term. In Brazil, trading remains sporadic. Prices are around R$1.100 per ton in Rio Grande do Sul and above R$1.200 in Paraná. Imported wheat is exceeding R$1.500 per ton.

Rice situation

Rice harvesting is progressing in Rio Grande do Sul and has reached approximately 20%. Crops in the western border region are showing high quality. Prices range between R$ 56 and R$ 62 in the state.

Bean situation

Bean prices are losing momentum after a surge in February. The premium carioca bean variety ranges between R$325 and R$350 per sack. Black beans fluctuate between R$180 and R$200. The second harvest indicates a reduction in planted area.