Brazil farmers face diesel cost jump as Middle East conflict lifts oil prices [Yahoo! Finance Canada]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Yahoo! Finance Canada
first and most immediate threat to Brazil's farm sector from the U.S.-Israeli ?attacks on Iran, raising costs for producers harvesting a record soybean crop and planting corn ?they cannot afford to delay. Brazil imports about 30% of its diesel needs, leaving farmers exposed as domestic fuel costs rise ?alongside global oil prices, representatives of major agricultural groups said. The conflict comes at a sensitive time for Brazilian agriculture, when demand for diesel is at its peak. Farmers are hauling soybeans to market, harvesting remaining fields and wrapping up planting of the second corn crop, which accounts for most of the corn grown ?in the country. Brazil is the world's ?largest soybean exporter and a major corn supplier, making any disruption to farm operations significant for global grain markets. Those activities cannot be postponed, industry officials said, ?nor can other fieldwork such as applying fertilizers and pesticides, which also depends heavily on diesel.
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