Companies
MBRF doubled its profit without selling more. The merger paid the bill, and interest took a cut back
Net income of R$210m (+123.5%) on flat revenue of R$41.4bn. Synergies delivered; financial expenses rose 47%.
中Chinese sources, read in the original
China Desk · 中国观察
What Beijing, Chinese customs and the Dalian and Zhengzhou exchanges are saying, and what it means for Brazilian soy, meat, pulp and energy.
5 things to know today
The day in one minute. What matters and why.
- 1MBRF doubled its profit without selling more. The merger paid the bill, and interest took a cut back
The gain came from efficiency, not demand: with volumes down and China curbing South American beef, MBRF3 depends on delivering the remaining synergies and cutting debt.
- 2The dollar hit R$5.65, a 17-month high. For agribusiness, it cuts both ways
A weak real fattens prices in reais and exporters' revenue (soy, meat, pulp), but makes fertilizer, crop protection and dollar debt pricier for those who haven't locked in the season.
- 3Farm defaults cut Banco do Brasil's profit by 66%. And the bank slashed dividends
When agriculture's biggest lender tightens, farm credit gets pricier and more selective, and BBAS3 holders get less: the payout fell from 30% to 25%.
- 4Inflation slowed. Food didn't: up 1.04%, keeping rates high
Expensive food leaves little room for a December rate cut, and high rates make credit pricier for the farmers producing that food. Good for food sellers; bad for those financing the crop.
- 5China Desk: Brazil's beef quota is gone. Until December, selling to China means a 67% tariff
Until year-end, shipping beef to China doesn't pay. Meatpackers like BEEF3 and MBRF3 will sell that volume cheaper elsewhere. The next trigger is the 2027 quota.
Chart of the day
Brazil's real interest rate: Selic × 12-month IPCA
Selic 13.75%IPCA 4.63%Real rate 9.12%
A real rate near 9% a year is what makes agri credit so expensive, and agri fixed income so attractive.
Open the Terminal- Selic target
- 13.75%
- IPCA 12m
- 4.63%
By the numbers
Selic
13.75%
Central Bank of Brazil
Real rate
9.12%
Selic minus 12m IPCA
IPCA 12m
4.63%
IBGE / BCB
USD/BRL
R$ 5.6554
+1.31%
Ibovespa
172,281
+0.56%
Credit
The market gave up on a 2026 rate cut: Focus now sees the Selic on hold at 13.75%
The year-end forecast rose from 13.50% to 13.75%. For 2027, 12.50%. Expected 2027 inflation also rose.
Tickers in focus
The tickers our newsroom mentioned most in the last 7 days.
- MBRF34 mentions
MBRF doubled its profit without selling more. The merger paid the bill, and interest took a cut back
- BEEF34 mentions
Brazil's cattle price keeps breaking records: R$394. Futures already pay over R$400
- RAIZ44 mentions
Creditors now own Raízen. The company will split in two from January
- CSAN33 mentions
Cosan may open Rumo's door. China's COFCO has already been in the line of suitors
- JBSS323 mentions
Brazilian chicken had its best month of the year abroad, even with Newcastle in Santa Catarina
- SUZB33 mentions
China Desk: Suzano raised pulp prices for Chinese buyers. They haven't paid gladly yet
Daily market briefs
Markets at the start and end of the day, exchange by exchange.
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MarketsThe dollar hit R$5.65, a 17-month high. For agribusiness, it cuts both ways
Companies
MBRF doubled its profit without selling more. The merger paid the bill, and interest took a cut back
Net income of R$210m (+123.5%) on flat revenue of R$41.4bn. Synergies delivered; financial expenses rose 47%.
Energy
Creditors now own Raízen. The company will split in two from January
The final deal gives creditors about 80% of the company and Shell 13% to 15%, settling R$65bn of debt. Spin-off into Raízen Energia and Raízen Combustíveis.
Markets
The dollar hit R$5.65, a 17-month high. For agribusiness, it cuts both ways
Up 1.62% in a day on fiscal doubts and high US rates. Exporters win; those buying inputs now lose.
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