Brazil Spends US$ 242 Million to Buy Crops and Guarantee Prices

Brazil’s Ministry of Agriculture, Livestock, and Supply announced the liberation of US$ 242 million to support the commercialization of 3.2 million tons of the current agricultural harvest. US$ 127 million of this total are scheduled to be disbursed in November.

The press office of the ministry reports that the funds will be used by the National Supply Company (Conab) to purchase rice, cotton, corn, and manioc for the federal government.

According to the Conab, the purpose is to guarantee the minimum prices of agricultural commodities and maintain farmers’ income levels.

The government plans to purchase 270 thousand tons of wheat in the states of Rio Grande do Sul, Santa Catarina, and Paraná, and 460 thousand tons of rice in Rio Grande do Sul, Santa Catarina, Mato Grosso, and Pará. An auction set for November 4 will finance another 150 thousand tons.

The ministry also says that the government will underwrite the purchase of 435 tons of corn, 15 thousand tons of manioc starch, and 30 thousand tons of manioc flour.

ABr

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