Brazil: Brazilian Commodity Prices Hit Record Levels
Link to report:
Prices for major Brazilian row crops, including soybeans, corn, rice, and wheat, all hit record highs in nominal value in recent weeks. The main reason for the domestic price increase is a steep devaluation of the Brazilian real (BRL). While the BRL has been steadily weakening over the past few years, economic turmoil driven by the coronavirus pandemic has worsened the trend in 2020. As a result, despite the deteriorating economic outlook on the whole, Brazilian grain and oilseed producers are having arguably their most profitable season to date.
