Rabobank points to falling soybean and corn prices as opportunity for more competitive feed
May report highlights pressured price scenario and increased domestic corn supply, with direct impacts on feed formulation in swine and poultry production.
The Brazilian G&O Monthly Update report, published by Rabobank in May, indicates a downward trend in soybean and corn prices in Brazil, which could represent a strategic advantage for the animal nutrition industry. The analysis, authored by Marcela Marini, notes that soybean prices have fallen by 2% compared to May 2024, while corn has seen an even sharper decline — down 8% year over year.
According to the report, the appreciation of the Brazilian real against the U.S. dollar has played a significant role in this price dynamic, alongside favorable weather conditions for the second corn crop. The April rains benefited crop yield potential, especially in the central regions of the country.
As a result, Rabobank’s current estimate for total corn production in 2025 is 129 million tonnes — six million more than the previous year. Despite the positive supply outlook, the report highlights a shift in the pace of exports.
- In April, Brazil exported 0.2 million tonnes of corn, representing a drop of 80% compared to the previous month. Year-to-date corn exports are 14% lower than what was recorded in 2024.
In the case of soybeans, the trend is the opposite: 15.3 million tonnes were exported in April, 4% more than in March, keeping the year-to-date total up by 2%. According to analyst Marcela Marini, this is a time that requires close attention from feed formulators and purchasing managers.
“The currency appreciation and favorable conditions for the second corn crop contributed to this downward movement in domestic prices. This is the kind of trend that feed formulators should monitor closely, as it directly affects the exchange ratio and the competitiveness of Brazilian animal protein,” said Marcela Marini.