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Commodity watch · updated Nov 13, 7:44 AM EST

Brazil: commodities

For every crop USDA forecasts and every country that matters for it: USDA's crop outlook, the weather forecast over the main growing regions at the crop's stage, trade, prices and hedge funds' bets, and how much our sources are saying about it. A plain score from 0 to 100 says how much the supply looks at risk, and when the risk is real but the news is quiet, the watch raises a flag. Now: 800 cards for 62 commodities, 5 flagged.

3 supply risks our sources aren't covering.

Supply risk not in the news

WeatherHigh risk. South Bahia (Ilhéus): 115 mm of rain forecast in the next 10 days, 3 times normal, while the crop is being harvested
MarketCocoa $5.75/kg in October, down 2.9% on the month, down 3.4% on the year, the lowest since July 2026; hedge funds betting on lower prices (12,253 contracts net)
News1 report in our sources in the last 14 days
Why 45
  • +40 High weather risk. South Bahia (Ilhéus): 115 mm of rain forecast in the next 10 days, 3 times normal, while the crop is being harvested
  • +5 Hedge funds are betting on lower prices despite the weather

Beef

40· cut possible

Supply risk not in the news

CropUSDA: 12 million t in 2027, down 1.6% on last year, 20% of the world's
WeatherHigh risk. North Minas Gerais pastures (Montes Claros): 209 mm of rain forecast in the next 10 days, 4.2 times normal: a flooding risk while the grass is growing
TradeExports 4.1 million t, 30% of the world's; imports 35,000 t; bought 0 t of US beef in the week to Oct 29; 0 t shipped this marketing year (22 t a year earlier)
MarketBeef $6.83/kg in October, down 0.4% on the month, down 3.7% on the year, the lowest since July 2025; hedge funds betting on higher prices (49,691 contracts net)
News2 reports in our sources in the last 14 days
Why 40
  • +40 High weather risk. North Minas Gerais pastures (Montes Claros): 209 mm of rain forecast in the next 10 days, 4.2 times normal: a flooding risk while the grass is growing

Coffee

35· cut possible

Supply risk not in the news

CropUSDA: 71.9 million bags in 2026/27, up 14.1% on last year, 38% of the world's
WeatherMedium risk. Espírito Santo conilon (Colatina): 159 mm of rain forecast in the next 10 days, 2.7 times normal: a flooding risk while the crop is growing
TradeExports 49.1 million bags, 31% of the world's; imports 90,000 bags
MarketArabica coffee $7.4/kg in October, up 1.9% on the month, down 16.9% on the year, the highest since August 2026; hedge funds betting on higher prices (14,732 contracts net)
News2 reports in our sources in the last 14 days
Why 35
  • +25 Medium weather risk. Espírito Santo conilon (Colatina): 159 mm of rain forecast in the next 10 days, 2.7 times normal: a flooding risk while the crop is growing
  • +10 USDA expects a crop 14% bigger than last year's: room for a cut

Sorghum

15· no cut expected
CropUSDA: 8 million t in 2026/27, up 14.3% on last year, 13% of the world's; raised 23.1% in November
WeatherNo weather risk in the next 10 days in the main growing regions
TradeExports 2.1 million t, 22% of the world's; imports 100,000 t, 1% of the world's
NewsNo reports in our sources in the last 14 days
Why 15
  • +10 USDA expects a crop 14% bigger than last year's: room for a cut
  • +5 USDA raised its estimate 23.1% in November

Palm kernel oil

5· no cut expected
CropUSDA: 78,000 t in 2026/27, up 6.8% on last year
TradeExports 2,000 t; imports 235,000 t, 9% of the world's
MarketPalm kernel oil $2,287/mt in October, down 2.9% on the month, up 0.6% on the year, the lowest since August 2026
Why 5
  • +5 USDA expects a crop 7% bigger than last year's

Orange juice

0· no cut expected
CropUSDA: 1 million t in 2025/26, up 1.9% on last year, 76% of the world's
WeatherNo weather risk in the next 10 days in the main growing regions
TradeExports 973,276 t, 77% of the world's
MarketOrange $0.75/kg in October, down 5.1% on the month, down 28.6% on the year, the lowest since February 2022
NewsNo reports in our sources in the last 14 days

Soybeans

0· no cut expected
CropUSDA: 186 million t in 2026/27, up 3% on last year, 42% of the world's
WeatherNo weather risk in the next 10 days in the main growing regions
TradeExports 118 million t, 61% of the world's; imports 1 million t
MarketSoybeans $515/mt in October, down 1.7% on the month, up 27.5% on the year, the lowest since August 2026; hedge funds betting on higher prices (142,727 contracts net)
News5 reports in our sources in the last 14 days

Oranges

0· no cut expected
CropUSDA: 13.5 million t in 2025/26, up 3.8% on last year, 29% of the world's
WeatherNo weather risk in the next 10 days in the main growing regions
TradeImports 55,000 t, 1% of the world's
MarketOrange $0.75/kg in October, down 5.1% on the month, down 28.6% on the year, the lowest since February 2022
News2 reports in our sources in the last 14 days

Sugar

0· no cut expected
CropUSDA: 42.5 million t in 2026/27, down 3% on last year, 23% of the world's
WeatherNo weather risk in the next 10 days in the main growing regions
TradeExports 33.6 million t, 54% of the world's
MarketWorld sugar $0.43/kg in October, up 4.9% on the month, up 26.5% on the year, the highest since December 2024; hedge funds betting on higher prices (223,784 contracts net)
NewsNo reports in our sources in the last 14 days

Cottonseed oil

0· no cut expected
CropUSDA: 872,000 t in 2026/27, up 0.8% on last year, 20% of the world's
TradeExports 5,000 t, 8% of the world's; imports 5,000 t, 6% of the world's

Cottonseed meal

0· no cut expected
CropUSDA: 2.6 million t in 2026/27, up 0.9% on last year, 19% of the world's
TradeNo exports or imports to speak of

Cattle herds

0· no cut expected
CropUSDA: 50 million head in 2027, up 3.6% on last year, 18% of the world's
TradeExports 1 million head, 22% of the world's
MarketBeef $6.83/kg in October, down 0.4% on the month, down 3.7% on the year, the lowest since July 2025; hedge funds betting on higher prices (49,691 contracts net)

Soybean oil

0· no cut expected
CropUSDA: 13.3 million t in 2026/27, up 4% on last year, 18% of the world's
TradeExports 1.9 million t, 13% of the world's; imports 100,000 t
MarketSoybean oil $1,546/mt in October, down 4.3% on the month, up 36.6% on the year, the lowest since March 2026
NewsNo reports in our sources in the last 14 days

Cotton

0· no cut expected
CropUSDA: 19 million bales in 2026/27, up 1.3% on last year, 16% of the world's
WeatherNo weather risk in the next 10 days in the main growing regions
TradeExports 16 million bales, 36% of the world's; imports 5,000 bales
MarketCotton (A Index) $2/kg in October, down 4.8% on the month, up 19% on the year, the lowest since July 2026; hedge funds betting on higher prices (44,168 contracts net)
NewsNo reports in our sources in the last 14 days

Cottonseed

0· no cut expected
CropUSDA: 6.3 million t in 2026/27, up 1.3% on last year, 16% of the world's
TradeExports 50,000 t, 5% of the world's
NewsNo reports in our sources in the last 14 days

Chicken

0· no cut expected
CropUSDA: 16.3 million t in 2027, up 1.9% on last year, 14% of the world's
TradeExports 5.5 million t, 35% of the world's; imports 5,000 t
MarketChicken $1.84/kg in October, up 1.7% on the month, up 7% on the year, the highest since May 2026
NewsNo reports in our sources in the last 14 days

Whole milk powder

0· no cut expected
CropUSDA: 605,000 t in 2026, up 1.7% on last year, 14% of the world's
TradeExports 1,000 t; imports 140,000 t, 13% of the world's
NewsNo reports in our sources in the last 14 days

Corn (maize)

0· no cut expected
CropUSDA: 141 million t in 2026/27, down 2.4% on last year, 11% of the world's; raised 1.4% in November
WeatherNo weather risk in the next 10 days in the main growing regions
TradeExports 43 million t, 21% of the world's; imports 1.8 million t
MarketMaize $226.5/mt in October, down 5.5% on the month, up 14.3% on the year, the lowest since August 2026; hedge funds betting on higher prices (8,795 contracts net)
NewsNo reports in our sources in the last 14 days

Table grapes

0· no cut expected
CropUSDA: 1.8 million t in 2025/26, down 0% on last year, 6% of the world's
TradeExports 70,000 t, 2% of the world's; imports 10,000 t
NewsNo reports in our sources in the last 14 days

Oats

0· no cut expected
CropUSDA: 1.2 million t in 2026/27, down 11% on last year, 5% of the world's
TradeExports 5,000 t
NewsNo reports in our sources in the last 14 days

Pork

0· no cut expected
CropUSDA: 5.1 million t in 2027, up 2.8% on last year, 4% of the world's
TradeExports 1.9 million t, 18% of the world's; imports 5,000 t
MarketHedge funds betting on lower prices (59,072 contracts net, their biggest bet in a year)
NewsNo reports in our sources in the last 14 days

Milk

0· no cut expected
CropUSDA: 29.4 million t in 2026, up 2.3% on last year, 4% of the world's
WeatherNo weather risk in the next 10 days in the main growing regions
TradeExports 7,000 t
NewsNo reports in our sources in the last 14 days

Pig herds

0· no cut expected
CropUSDA: 51 million head in 2027, up 1.2% on last year, 4% of the world's
TradeExports 10,000 head; imports 1,000 head
MarketHedge funds betting on lower prices (59,072 contracts net, their biggest bet in a year)

Cheese

0· no cut expected
CropUSDA: 820,000 t in 2026, up 1.9% on last year, 4% of the world's
TradeExports 3,000 t; imports 60,000 t, 3% of the world's
NewsNo reports in our sources in the last 14 days

Skim milk powder

0· no cut expected
CropUSDA: 167,000 t in 2026, up 1.2% on last year, 3% of the world's
TradeImports 50,000 t, 4% of the world's

Peanut oil

0· no cut expected
CropUSDA: 198,000 t in 2026/27, down 0% on last year, 3% of the world's
TradeExports 180,000 t, 41% of the world's
MarketGroundnut oil $1,850/mt in October, down 0.5% on the month, up 13.6% on the year, the lowest since August 2026
NewsNo reports in our sources in the last 14 days

Peanut meal

0· no cut expected
CropUSDA: 229,000 t in 2026/27, down 0% on last year, 3% of the world's
TradeNo exports or imports to speak of

Peanuts

0· no cut expected
CropUSDA: 1.2 million t in 2026/27, down 0% on last year, 2% of the world's
TradeExports 520,000 t, 11% of the world's; imports 5,000 t
MarketGroundnuts $1,600/mt in October, up 2.4% on the month, up 33.3% on the year, the highest since February 2025
NewsNo reports in our sources in the last 14 days

Rice

0· no cut expected
CropUSDA: 7.4 million t in 2026/27, down 2.6% on last year, 1% of the world's
WeatherNo weather risk in the next 10 days in the main growing regions
TradeExports 1.4 million t, 2% of the world's; imports 950,000 t, 2% of the world's
MarketThai 5% rice $489/mt in October, up 1.5% on the month, up 37.4% on the year, the highest since June 2026
NewsNo reports in our sources in the last 14 days

Apples

0· no cut expected
CropUSDA: 1.2 million t in 2025/26, down 0% on last year, 1% of the world's
TradeExports 15,000 t; imports 220,000 t, 4% of the world's
NewsNo reports in our sources in the last 14 days

Pears

0· no cut expected
CropUSDA: 15,700 t in 2025/26, down 0% on last year
TradeExports 100 t; imports 175,000 t, 9% of the world's
NewsNo reports in our sources in the last 14 days
CropUSDA expects no olive oil crop to speak of in 2026/27
TradeImports 95,000 t, 8% of the world's
NewsNo reports in our sources in the last 14 days

Bought from the US

USDA's weekly export sales, the week to October 29, 2026: new sales less cancellations, and this marketing year's shipments.

CommodityThis weekShipped this year
wheat0 t15,255 ta year earlier 80,279
beef0 t0 ta year earlier 22

Who buys its commodities

Its biggest commodity exports (farm, energy, metals) in 2024 and their main buyers, by value (CEPII BACI, January 2026 release, from UN trade statistics; Etalab Open Licence 2.0).

  • Crude oil $46 billionChina 44%, United States 13%, Spain 10%, Netherlands 7%
  • Soybeans $43 billionChina 73%, Spain 4.1%, Thailand 3.5%, Turkey 2.3%
  • Iron ore $31 billionChina 64%, Malaysia 5%, Japan 3.5%, South Korea 3.5%
  • Sugar $20 billionSaudi Arabia 10%, Indonesia 8.2%, India 8%, China 6.9%
  • Coffee $12 billionUnited States 16%, Fed. Rep. of Germany (...1990) 15%, Belgium-Luxembourg (...1998) 9.4%, Italy 7.7%
  • Beef $12 billionChina 51%, United States 8.2%, United Arab Emirates 5.1%, Chile 4.6%
  • Soybean meal $9.7 billionIndonesia 17%, Thailand 12%, Netherlands 9.5%, Iran 8.5%
  • Chicken $9.1 billionChina 14%, United Arab Emirates 10%, Japan 9.4%, Saudi Arabia 9.1%
  • Corn (maize) $8.3 billionEgypt 13%, Vietnam 11%, Iran 11%, South Korea 6.9%
  • Cotton $5.1 billionChina 34%, Vietnam 20%, Bangladesh 12%, Pakistan 10%

Where its commodities come from

Its biggest commodity imports in 2024 and where they come from, by value.

  • Crude oil $9.1 billionSaudi Arabia 22%, United States 17%, Angola 10%, Guyana 9.7%
  • Potash $3.9 billionRussia 41%, Canada 27%, Uzbekistan 11%, Israel 8.3%
  • Natural gas $3.5 billionUnited States 50%, Bolivia 36%, Qatar 5.9%, United Kingdom 4.7%
  • Coal $3.2 billionUnited States 46%, Australia 35%, Colombia 12%, Russia 4.8%
  • Urea $2.9 billionNigeria 20%, Russia 19%, Oman 19%, Qatar 15%
  • Copper $2.6 billionChile 82%, Peru 17%, South Africa 0.5%, Bolivia 0.1%
  • Wheat $1.7 billionArgentina 62%, Uruguay 12%, Russia 11%, Paraguay 7.1%
  • Olive oil $760 millionPortugal 60%, Spain 16%, Chile 7.5%, Argentina 7.4%
  • Rice $690 millionParaguay 50%, Uruguay 27%, Thailand 14%, Argentina 5.1%
  • Aluminium $624 millionArgentina 37%, India 19%, Venezuela 17%, Bahrain 9.4%

Brazil's country page

Prices, October 2026

The World Bank's monthly averages in US dollars (the Pink Sheet, updated November 3), against the month before and a year before. Licensed CC BY 4.0.

CommodityPriceMonthYear
Energy
Crude oil, average108.5 $/bbl+6.1%+72.2%
Crude oil, Brent125 $/bbl+7%+93.2%
Crude oil, Dubai102.7 $/bbl+10.1%+59.7%
Crude oil, WTI97.7 $/bbl+0.8%+62.3%
Coal, Australian152.3 $/mt+3.5%+41.7%
Coal, South African100 $/mt+1.8%+9.2%
Natural gas, US2.96 $/mmbtu+0.3%−7.5%
Natural gas, Europe28.5 $/mmbtu+12.1%+161.7%
Liquefied natural gas, Japan16.59 $/mmbtu+2%+49.5%
Natural gas index182.7 2010=100+8.9%+86.2%
Beverages
Cocoa5.75 $/kg−2.9%−3.4%
Coffee, Arabica7.4 $/kg+1.9%−16.9%
Coffee, Robusta3.63 $/kg−1.6%−23.4%
Tea, avg 3 auctions2.88 $/kg+0.7%−4.3%
Tea, Colombo3.75 $/kg+0.5%−4.8%
Tea, Kolkata2.55 $/kg+0.8%−10.8%
Tea, Mombasa2.33 $/kg+1.3%+4.5%
Food
Coconut oil2,029 $/mt−2.4%−20.3%
Groundnuts1,600 $/mt+2.4%+33.3%
Fish meal2,840 $/mt−2.6%+60.5%
Groundnut oil1,850 $/mt−0.5%+13.6%
Palm oil1,120 $/mt−5.1%+7.9%
Palm kernel oil2,287 $/mt−2.9%+0.6%
Soybeans515 $/mt−1.7%+27.5%
Soybean oil1,546 $/mt−4.3%+36.6%
Soybean meal453 $/mt+1.3%+27.2%
Rapeseed oil1,405 $/mt−2.6%+11.2%
Sunflower oil1,413 $/mt+1.4%+3.7%
Barley80.4 $/mtAugust 2020——
Maize226.5 $/mt−5.5%+14.3%
Sorghum189.5 $/mtAugust 2020——
Rice, Thai 5%489 $/mt+1.5%+37.4%
Rice, Thai 25%472 $/mt+2.4%+34.5%
Rice, Thai A.1467.4 $/mt−1.2%+39.1%
Rice, Viet Namese 5%413.9 $/mt−1.1%+13.2%
Wheat, US SRW260.3 $/mt−6.6%+24.4%
Wheat, US HRW317 $/mt−8.6%+37.3%
Banana, Europe1.1 $/kg−1.8%−2.7%
Banana, US1.18 $/kg+5.4%+4.4%
Orange0.75 $/kg−5.1%−28.6%
Beef6.83 $/kg−0.4%−3.7%
Chicken1.84 $/kg+1.7%+7%
Lamb7.48 $/kg+3%+18.2%
Shrimps, Mexican8.6 $/kgOctober 2023——
Sugar, EU0.37 $/kg−2.6%−2.6%
Sugar, US0.92 $/kg+8.2%+19.5%
Sugar, world0.43 $/kg+4.9%+26.5%
Raw materials
Tobacco, US import u.v.6,775 $/mtJuly 2026——
Logs, Cameroon392.1 $/cubic meter−2.7%−3.7%
Logs, Malaysian188.5 $/cubic meter−0.9%−4.1%
Sawnwood, Cameroon636.8 $/cubic meter−0.9%−0.5%
Sawnwood, Malaysian724.3 $/cubic meter−1%−0.5%
Plywood345.8 cents/sheet−0.9%−4.1%
Cotton, A Index2 $/kg−4.8%+19%
Rubber, TSR202.55 $/kg+5.8%+49.1%
Rubber, RSS32.83 $/kg+2.9%+41.5%
Fertilizers
Phosphate rock170 $/mt0%+11.5%
DAP803.1 $/mt+0.3%+6.5%
TSP692 $/mt+0.3%+5.1%
Urea420 $/mt+3.1%+6.5%
Potassium chloride357.5 $/mt−2.7%+1.6%
Metals and minerals
Aluminum3,061 $/mt−6.8%+9.6%
Iron ore, cfr spot90.8 $/dmtu−7.1%−12.3%
Copper14,508 $/mt+0.2%+35.1%
Lead1,860 $/mt−0.7%−5.5%
Tin51,696 $/mt−3.8%+43.6%
Nickel15,436 $/mt−5.4%+2.3%
Zinc3,818 $/mt−5%+21.1%
Precious metals
Gold4,105 $/troy oz−5%+1.2%
Platinum1,621 $/troy oz−9.1%+0.3%
Silver57 $/troy oz−11.8%+15.4%

The record

Each card's score calls USDA's next revision of the country's crop: 50 or more “cut likely”, 30 to 49 “cut possible”, under 30 “no cut expected”. When USDA revises (grains, oilseeds and cotton every month, about the 10th; coffee and sugar twice a year), the last call before it is checked against what USDA did.

CallCallsUSDA cutRaisedUnchanged
no cut expected4033032341
cut possible1010

Sources

Crop figures: USDA FAS (PSD, Weekly Export Sales). Prices: World Bank Commodity Price Data (The Pink Sheet), CC BY 4.0. Hedge funds: CFTC Commitments of Traders. Weather: MET Norway (CC BY 4.0), normals from NASA POWER. Trade partners: CEPII BACI (Etalab Open Licence 2.0). Crop calendars after USDA FAS's; growing regions are the main ones of each main producer.

The same readings as data, free: GET /api/v1/commodities (and /map, /country/{code}, /prices, /weather, /scorecard).