ANNOUNCED AS TEMPORARYNo
On July 5, 2016, the Brazilian Ministry of Agriculture, Livestock and Supply passed Resolution 123 approving new minimum prices for several agricultural products as part of the national Policy of Guaranteed Minimum Prices. The new prices imply an increase for maize from Mato Grosso and Rondonia as well as long grain rice.
In the case of Maize, the price increased by 21.68 percent from USD 4.07 (BRL 13.56) to USD 4.95 (BRL 16.50) per bag of 60 kg, while the price for fine long grain paddy increased by 18 percent from USD 8.91 (BRL 29.67) to USD 10.5 (BRL 34.97) per bag of 50 kg.
Policy of Guaranteed Minimum Prices
The Policy of Guaranteed Minimum Prices launched in 1966 has the objective of protecting producers when market prices fall to levels which are considered too low. To do so, the National Food Supply Company (CONAB) uses different commercialisation instruments, usually in the form of auctions in which the Government buys certain amounts of the agricultural products directly from small and medium sized farmers.
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