Brazil’s Ag Ministry in Trouble

Another corruption scandal in Brazil took the real down by more than 8 percent last week, making it even more difficult for U.S. corn and soybean prices to compete for exports.

Bloomberg and other news sources reported last week that the scandal erupted when two executives from JBS SA, a Brazilian meat processor, gave the Supreme Court recordings of President Temer allegedly authorizing the payment of bribes to the former speaker of Brazil’s lower house. 

This is the second corruption investigation in two months that Brazilian Federal Police have launched into the Ministry of Agriculture.