Orange Exports Grow 55% in Volume and 158% in Value in Peru
President of Argentina, Javier Milei, confirmed that exchange rate controls in the country, known locally as “cepo”, will be eliminated after next year. He also indicated that, if the country receives more money from the International Monetary Fund, and if the value is appropriate to its financial needs, this elimination could occur in 2025. (Government of Argentina)
Yerba mate exports exceeded 44 thousand tonnes in 2024, a new record. According to the National Institute of Yerba Mate, 44 tonnes of the product were sent abroad, an increase of almost 11% when compared to 2023. The previous record in exports had been in 2018, 43 tonnes. (INYM)
Decisions by the central banks of Brazil and Argentina last week reversed the countries’ positions in the ranking of the highest interest rates in the world. While the Brazilian Central Bank raised interest rates from 12.25% per year to 13.25%, the Argentine Central Bank cut interest rates from 32% per year to 29%. In this way, Brazil became the country with the highest interest rates in the world and Argentina fell to second position. Although the Argentine nominal rate is higher, the ranking takes into account the so-called “real interest”, which is the difference between the country’s inflation rate and the current basic interest rate. In Brazil, the real interest rate is 9.18%, while in Argentina it is 8.91%. (MoneYou)
Agroclimatologist Eduardo Sierra, an advisor to the Buenos Aires Grain Exchange, said soybean and corn harvests will likely be well below current forecasts, depending on when the rains will happen. “If it started to rain now, we could have 45 million tonnes for each crop. For every week in February that passes without rain, we lose 5 million tonnes”, he said. Most experts predict rain in the coming weeks, but the amount and coverage area are unknown. (Buenos Aires Grain Exchange)
Coffee farms are going through a period of natural adjustments. The fruit drop stadium, common in the production cycle, has been more intense this year due to the prolonged drought and high temperatures recorded in 2024. According to Marcelo Jordão, researcher at Fundação Procafé, the scenario demands increased attention. “Plants that have faced severe drought and high temperatures have fewer leaves, which reduces photosynthesis and carbohydrate reserves. This directly affects the ability to keep fruits“. (Fundação Procafé)
Solar capacity in agriculture has grown more than seven times since 2020, while the number of consumer units served in rural areas jumped from 54 thousand to 471 thousand at the end of 2024, according to the Brazilian Photovoltaic Solar Energy Association. (Absolar)
76% of Brazilian agribusiness CEOs believe the local economy will accelerate in the next 12 months, above the national average (73%) and well above the global average (57%). “We went through a gigantic health crisis and geopolitical conflicts that brought relevant impacts to the economies. But we have already noticed greater resilience and business structuring that ends up bringing more confidence to the growth of the economy”, says Mauricio Moraes, agribusiness leader at PwC Brasil. (PwC Brasil)
Chinese state-owned grain company Cofco is committed to the moratorium on soybean purchases from Brazil, said Allan Virtanen, global director of communications and sustainability. The soybean moratorium is a voluntary commitment by global grain traders not to buy soybean grown in deforested areas in the Amazon after 2008. The company shipped 17 million tonnes of soybean and corn from the country in 2024. Sergio Ferreira, Director of Operations in Brazil, stated that the company projects to ship 18 million tonnes of soybean and corn from the country in 2025. (Cofco)
2024/2025 soybean harvest was estimated at 170.89 million tonnes, below the forecast released in the previous month, of 171.4 million tonnes, due to weather issues. “There were adjustments in practically the entire country, with emphasis on cuts in the States of Rio Grande do Sul, Paraná and Mato Grosso do Sul, due to the drought that prevailed since the end of December and throughout much of January”, stated StoneX’s market intelligence specialist, Ana Luiza Lodi. The consultancy estimated soybean exports for the 2024/25 harvest at 108.5 million tonnes, “highlighting significant changes could happen, especially considering tensions between the USA and China, which could be reflected in the national soybean market”. (StoneX Consulting)
Ministers of Agriculture, Transport, and Ports and Airports announced the 2024/2025 Harvest Flow Plan, with investments of approximately US$ 789 million, aimed at enhancing Brazil’s logistics and infrastructure for an efficient grain transportation. The plan also includes nine road auctions and railway concessions, totaling US$ 16 billion in investments. (Federal Government of Brazil)
Cargill acquired the remaining 50% of SJC Bioenergia, now fully owning the company, which operates plants in Goiás with a capacity to process 9 million tonnes of sugarcane and 650,000 tonnes of corn per harvest. The transaction, still depends on the approval by the Administrative Council for Economic Defense, aligns with Cargill’s renewable energy growth strategy. In recent years, the company has invested approximately US$ 1.19 billion in Brazil. (Cargill; National Union of Bioenergy)
Dante Pozzi is Amaggi’s new commodities director. Rodrigo Loto has been promoted to trading director. Rafael Bisolo is the new financial director, while Marcos Augusto Bianchini will be the controllership director. (Amaggi)
The project “Sustainable Agriculture in Action” has achieved a 75% increase in cherry production in 2024. Through good agricultural practices and integrated pest management, 10,500 kg of cherries were harvested, with 95% meeting export standards. (AFIPA)
There was a small recovery in the Agricultural Price Index of the Colombian Mercantile Exchange, which had an increase of 0.7% per year and 2.1% compared to December of 2024. This result marks a change of pace after the strong drop observed in 2023, of 6.2%, and may represent a gradual recovery of the agricultural sector. According to María Inés Agudelo, president of the Bolsa Mercantil, “this recovery at the beginning of the year could indicate a change of market trends, with signs of greater balance in the formation of prices for agricultural products and a possible gradual recovery”. (BMC)
Colombian Federation of Livestock Farmers is against the Government’s decision to implement an express land expropriation mechanism. José Félix Lafaurie Rivera, executive president of the association, warned about the use of Decree 1080, which takes over provisions from Law 1523 of 2012, aimed at managing the risk of natural disasters. “It is incredible that in the explanatory memorandum the Government itself says that it resorts to Law 1523 because ‘the application of the agrarian expropriation procedure regulated by Law 160 of 1994 creates delays’. If it generates delays it is because it guarantees the judge’s intervention in the right of the injured party to defend the ownership of their own property”, said Rivera. (Fedegan)
National University of Colombia identifies types of swine flu viruses considered specific to Colombia, which may improve the ability to diagnose the disease. (UNAL)
Agriculture and auto parts sector in Mexico requested on February 2nd a “dialogue” to end trade tensions triggered by Donald Trump’s decision to impose 25% tariffs on products imported from Mexico and Canada. Those sectors would be most affected by the measure. The tariffs will harm the “competitiveness” of North America and will put millions of jobs at risk, according to statements from the National Auto Parts Industry and the National Council of Agriculture. (INA; CNA)
A working group will be created to coordinate actions seeking to mitigate problems caused by the drought. On January 29, the president of the Paraguayan Chamber of Exporters and Traders of Cereals and Oilseeds, José Berea, together with representatives of other production unions, participated in a meeting with government authorities, headed by the Minister of the Interior, Enrique Riera, to analyze the situation of the drought in agriculture. The Central Bank of Paraguay has already implemented financial assistance tools that, among other things, make refinancing more flexible, which will help solve the problems of farmers who already partake in the financial system. (Capeco; BCP)
In 2024, Peru exported 33,521 tonnes of oranges for US$ 42.5 million, a 55% increase in volume and 158% in value. The Netherlands was the main destination (62% of shipments), followed by the U.S. (12%) and the U.K. (8%). Frozen oranges accounted for 59% of exports. (Fresh Fruit)
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