Abia: Soybean, corn, and wheat prices in Brazil fall by more than 20% in 2023, pressured by good harvests

Published 2024년 1월 25일

Tridge summary

In 2023, the prices of soybeans, corn, and wheat dropped by over 20% compared to the previous year, as reported by the Brazilian Food Industry Association (Abia). This decrease was attributed to record harvests of these grains, with wheat prices falling 27.5%, corn by 22.4%, and soybeans by 21.5%. The reduced prices of these raw materials also led to a decrease in the prices of their derivatives like wheat flour and soybean oil, contributing to a decrease in food inflation.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Isadora Duarte Brasília, 01/25/2024 - The prices of soybeans, corn and wheat fell by more than 20% in 2023 compared to the previous year, reveals a survey by the Brazilian Food Industry Association (Abia). Grains are the three most used by the industry for making bread, biscuits and oils, according to Abia. In the entity's assessment, record harvests put pressure on commodity prices. In the case of wheat, the Abia survey shows that the value paid for the cereal on the domestic market fell 27.5% between 2022 and 2023, to R$1,282 per ton at the end of last year. Following the drop in raw materials, wheat flour dropped 10%, according to data from the National Consumer Price Index up to November cited by Abia. The entity recalls that the cereal harvest was a record 10.5 million tons in 2022 and 8.1 million tons in 2023, which contributed to lower grain prices. The price of corn fell 22.4% last year, reaching R$1,113 per ton at the end of 2023, according to Abia. "The climate had ...

Source: Broadcast