Brazilian rice prices remained weak in February, harvest presses

Porto Alegre, March 3, 2023 – The Brazilian rice market ended February with weaker prices, continuing the movement noted in recent months. In the average for Rio Grande do Sul, the main national benchmark, the 50-kilogram bag closed on February 28 quoted at R$84.09, showing a weekly drop of 0.96%. Compared to the same period of the previous month, there was a decrease of 9.08%, and an increase of 13.46% when compared to the same period of 2022. According to the SAFRAS & Mercado analyst and consultant, Evandro Oliveira, harvesting activities are beginning to gain momentum in Rio Grande do Sul and continue to exert pressure on prices. “It is observed that a good part of the scarce deals have been carried out when there is a need for immediate resources on the part of the producers”, he explains. “On the other hand, the industries have received some previously established contracts and are betting on even more favorable conditions as the harvest progresses”, he ponders. The rice ...