Brazil Suspending Tariffs On Corn And Soy Until 2021

Record high prices for both grains have impacted food prices that are fueling inflation and squeezing incomes of Brazilians that have already been hit by the coronavirus pandemic. Inflation in August hit its highest in four years for that month, driven by rising fuel and food costs.

High prices for soy and corn are also hurting the margins of poultry and pork sector that relies on both grains for animal feed and last month requested that the government free up imports.