Agricultural Market - 26.Nov.2025

Brazilian exports of soybean They reached a new historical record in November. According to data from Secex, 104 million tons have already been shipped in the accumulated year, surpassing the 95,7 million tons registered in the same period of 2024. In the first three weeks of November alone, shipments totaled 3,36 million tons, above the 2,55 million tons registered in the previous year.

The total exports of the soybean complex – grain, meal, and oil – also hit a record, with 127,8 million tons exported. The accumulated revenue for the month has already reached 2 billion dollars, equivalent to approximately 11 billion reais, even with a week remaining until the end of the month.

In the United States, the 2025 harvest has ended. There is still no consensus on the final volume. Estimates range from 112 to 116 million tons, down from 119,1 million tons harvested in 2024.

In Brazil, planting of the new soybean crop has progressed to 80%, below the 90% of 2024 and the 85% average. Sales are also slow. Only 138 million tons have been traded so far, out of an estimated production of 171,5 million tons. This represents 80,5% of the harvest, compared to the historical average of 85%.

O corn The second crop is also facing delays in sales. Only 72,4% of the production has been traded, compared to an average of 80% for this period. The first crop still has 6 million tons in the hands of producers. The industry is buying the minimum necessary and waiting for January, due to the high cost of credit.

O wheat Harvesting is entering its final stretch in the south of the country. Paraná has already completed its harvest. Rio Grande do Sul has reached 80% of the area harvested. Mills report difficulties in building up stocks, affected by high interest rates and the need to buy on the spot market and sell on credit.

Argentina's wheat harvest is surprisingly good. Projections indicate between 24 and 26 million tons, some of which will be destined for Brazil. Brazilian production is expected to reach between 7 and 7,5 million tons, with high quality.

O rice Prices remain low and demand is weak. The market is trading between R$ 50 and R$ 70 per sack, without significant variations. The industry is postponing purchases until January. Exports of paddy rice increased, with 569,1 tons shipped up to November, compared to 322 in 2024. However, milled rice exports decreased: 547,4 tons, compared to 628 the previous year.

Planting of the new rice crop is over 90% complete in Rio Grande do Sul. Paraguay, Argentina, and Uruguay are experiencing delays and reduced planted area. The 2026 harvest is expected to be smaller, which could improve prices.

O bean The country is facing difficulties. The first harvest is expected to fall below 800 tons, according to industry estimates, far from Conab's official forecast of up to 1 million tons. Factors such as cold weather, low prices, and a smaller cultivated area have impacted performance. The market remains stagnant, with carioca beans priced between R$ 190 and R$ 245, and black beans between R$ 125 and R$ 135 per sack.