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The Brazilian real weakened after the second round of elections, with the dollar rising 9.2% in a few days to R$5.48, its highest level since December 2025. Soybean, corn, sugar, wheat and coffee prices in reais have already followed the move.
Analysts warn that a prolonged exchange rate above pre-election levels could pass costs through to consumers.
A weaker real raises the reais cost of dollar-priced grains used in animal feed, which pushes up poultry, hog and cattle production costs. The pass-through to consumer food prices depends on how long the currency stays weak.
empreendencia.comMarcio SáNov 4, 2026After 301 past bullish macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% over 20.
After 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% over 20.
After 123 past bullish macro events, Soybeans moved a median +0.3% over 5 sessions (60% higher; middle half -1.0% to +1.8%), and -0.4% over 20.
After 57 past bullish macro events, Wheat (SRW) moved a median +0.3% over 5 sessions (65% higher; middle half -0.5% to +1.7%), and -0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
