Weaker Brazilian Currency Drives South American Profits
By Julio Bravo, Farm Futures
In 2020 Brazilian farmers and exporters saw a steep devaluation of Reais (Brazilian currency), driven lower than usual by economic instability due to coronavirus. That is one reason why last summer Brazilian commodity prices hit record levels, and why many Brazilian soybean farmers saw their most profitable year ever, even at the expense of higher domestic consumer food prices.