The BRICS summit has kicked off in Rio de Janeiro, Brazil, notably without the presence of the presidents of China and Russia. Although the bloc seeks to present itself as a counterweight to Western dominance, the agenda is expected to focus heavily on U.S. tariffs and economic pressures. With the bloc now expanded to 10 members, internal disagreements—particularly over the Gaza and Iran issues—have raised questions about its unity and future effectiveness.

Brazil’s National Supply Company (Conab) projects a record 336.1 million tonnes of grain production for the 2024–25 marketing year, up 13% from the previous year. Soybean output is expected to reach 169.6 million tonnes, while corn production could rise to 128.3 million tonnes. Favorable weather and advanced farming technologies contributed to improved yields. The cultivated area grew by 2.3%, totaling 81.8 million hectares. These optimistic forecasts highlight Brazil’s growing dominance in global grain and oilseed markets.

Sugar prices in the global market may decline in the 2025–26 season due to expected production increases in India and Brazil. BMI forecasts a 26.3% rise in Indian output, while Brazil may boost production by shifting from ethanol to sugar due to lower oil prices. Although production in Brazil and Thailand may slightly dip from earlier estimates, overall supply is set to grow. Falling prices have already been observed in global markets, with traders selling more in anticipation of further declines.