Overview

Brazil has now harvested about 40% of its crop, quality is relatively good for aflatoxin, with high approval rates coming from the peanuts in the fields, as confirmed during last week in the World Peanut Meeting Mendoza.

The real result of the crop will be seen by late April, where most of the areas will be harvested, as usual harvest is going on with some halts for rain, but nothing super worrying so far.

During the supply Pannel, Brazilian speaker José Rossato mentioned 270.000 ha, 29% area decrease and an estimate of 4,1 mt/ha as numbers for this crop. This goes in accordance to what I mentioned in the last report, and would get us a 1,107 million tons of inshells. The estimation crop balance went:

Now, on the Argentine side of supply, a “normal crop” was mentioned, and a lot of speculation went on about how weather in the last months of the crop could affect supply, and therefore, prices.

Exports

During February, exports decreased again for kernels, as expected, and went slightly up for peanut oil. Again, this represents the depletion of stocks, especially of good/ok quality.

 

Peanuts

Total

Peanut exports in 2025/2026 x 2024/2025.

Brazilian exports of peanuts, NCM 12024200, Ministry of Agriculture.

Exports of kernels are down, during February, Brazil exported about 18 thousand tonnes, 26% less vis-à-vis January. Although 37% more when compared to February 25.

The January figure adds to a total of 303 thousand tons exported from this crop (April 25 – Now).

 

Destination

Exported volumes to main destinations.

Brazilian exports of peanuts, NCM 12024200, Ministry of Agriculture.

All the main export destinations have decreased its imports. This shows that the carryover is probably coming to its end. With the new crop getting to the factories, we may start to see an increase in exports already in March. Definitely in April.

 

Peanut Oil

Peanut oil exports in 2025/2026 x 2024 /2025

Brazilian exports of peanut oil, NCM 15081000, Ministry of Agriculture.

Peanut oil exports increased slightly in February, reaching about 8 thousand tons. This is important to show that there is still demand from China, now we are to see if this demand will keep up during the year. Brazil depended a lot on exports of oil during last year, however, the quality of the crop helped this market. Now with a better quality it will be important to understand how much of the demand from China came only because of the low prices.

 

Destination

Exported volumes to main destinations.

Brazilian exports of peanut oil, NCM 15081000, Ministry of Agriculture.

Chinese imports of peanut oil decrease once more, while Italian imports increased slightly.

 

Disclaimer: All the information published is checked with many processors and farmers in Brazil, there are no personal opinions but an average of the market’s main players thoughts. March 26^th, 2026.