The minister of agriculture Carlos Fávaro said on Thursday that the government will invest BRL 400 billion in the 2023–2024 Crop Plan. He also highlighted the expanding credit lines for grain storage, as Brazil lacks silos in the record crop. In addition to expanding the “innovative” credit lines from the National Bank for Economic and Social Development (BNDES) for agricultural producers who have their income in dollars, the minister said that the plan will establish investments in grain storage. “There is no exchange rate risk with soybeans, corn, and wheat because they are quoted in US dollars”. He added that the credit line for storage would also increase.
Sources: Reuters/Noticias Agricolas (*Translated by Ia Niani)