“Brazil is a complex country, not a country for beginners.” – Tom Jobim Long-term global investors that choose to invest in Brazil understand Tom Jobin’s quote quite well. These investors have gained expertise, built teams on the ground, and have made money.  They may have had a bruise here or

Part One:  Explanation of Farmer Cost Structure  Approximately 60-70% of farmer costs in Brazil are indexed in dollars. A real-world example for a farmer in Western Bahia, Brazil for the 2022/23 crop cycle is as follows: Total costs for a soybean crop, including land costs, were US $1291/ha. Of that,