Citrus Annual 2012

An Expert's View about Citrus Fruits in Brazil

Posted on: 22 Dec 2012

This report updates BR12007. In U.S. MY 2012/13, the Brazilian orange crop is projected at 455 MBx, down 47 MBx from U.S. MY 2011/12.

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report Number: Brazil Citrus Annual Enter a Descriptive Report Name Approved By: Frederick Giles, Director Agricultural Trade Office, São Paulo Prepared By: Sérgio Barros, Agricultural Specialist Report Highlights: This report updates BR12007. In U.S. MY 2012/13, the Brazilian orange crop is projected at 455 MBx, down 47 MBx from U.S. MY 2011/12, assuming regular weather conditions prevail during fruit setting and development. The Sao Paulo and western Minas Gerais commercial areas should produce 340 MBx. Total FCOJ production (65 Brix equivalent) for U.S. MY 2012/13 is forecast at 1.255 mmt (65 Brix), up 45,000 mt compared to the previous marketing year. FCOJ equivalent exports for U.S. MY 2012/13 are projected at 1.215 mmt (65 Brix), up 4 percent from the previous season. There is a one year lag between the Brazilian (BR) marketing year (MY) and the U.S. marketing year (MY). For example, BR MY 2013/2014 is equivalent to U.S. MY 2012/2013. As such and to ensure data continuity, the current Brazilian MY 2013/14 will be referred to as U.S. MY 2012/13 throughout this report. Post: ATO Sao Paulo Commodities: Citrus, Other, Fresh Production: PS&D Tables The following tables provide revised data for Sao Paulo and total Brazilian fresh orange production, supply and demand (PS&D) for Brazilian (BR) marketing years (MY) 2010/11, 2011/12, 2012/13 (July-June) and the initial forecast for MY 2013/14, which are equivalent to U.S. MY 2009/10, 2010/11, 2011/12 and 2012/13, respectively. Note: There is a one year lag between the Brazilian marketing year and the U.S. marketing year. For example, BR MY 2013/2014 is equivalent to U.S. MY 2012/2013. As such and to ensure data continuity, the current Brazilian MY 2013/14 will be referred to as U.S. MY 2012/13 throughout this report. Brazil: Fresh Oranges PS&D (Jul-Jun) (1,000 ha, million trees & million 40.8 kg boxes) Item/ U.S. Marketing Year US09/10 US10/11 US11/12 US12/13 Item/Brazilian MY 2010/11 2011/12 2012/13 2013/14 Area Planted 800.0 810.0 800.0 790.0 Sao Paulo 600.0 610.0 600.0 590.0 Others 200.0 200.0 200.0 200.0 Area Harvested 724.6 734.6 712.6 707.6 Sao Paulo 532.0 542.0 520.0 515.0 Others 192.6 192.6 192.6 192.6 Bearing Trees 219.0 223.0 225.0 222.0 Sao Paulo 167.0 171.0 173.0 170.0 Others 52.0 52.0 52.0 52.0 Non-Bearing Trees 40.0 40.0 46.0 44.0 Sao Paulo 36.0 36.0 42.0 40.0 Others 4.0 4.0 4.0 4.0 Total Trees 259.0 263.0 271.0 266.0 Total Production 388.0 554.0 502.0 455.0 Sao Paulo 285.0 444.0 390.0 340.0 Others 103.0 110.0 112.0 115.0 Exports 1.0 1.0 1.0 1.0 Sao Paulo 1.0 1.0 1.0 1.0 Domestic Consumption 118.0 134.0 184.0 138.0 Delivered to processors 269.0 419.0 317.0 316.0 Sao Paulo (FCOJ+NFCexp) 257.0 395.0 295.0 292.0 Others 12.0 24.0 22.0 24.0 General The Agricultural Trade Office in Sao Paulo (ATO/Sao Paulo) forecasts the total Brazilian orange crop for MY 2012/13 (July/June), at 455 Millon boxes (MBx), a 10 percent decrease compared to the current crop (MY 2011/12), assuming that good weather conditions prevail as of December 2012 to support fruit setting and development. The commercial area in the state of Sao Paulo and the western part of Minas Gerais should account for 340 MBx. This figure takes into account the four major varieties of citrus used for processing orange juice (Hamlin, Pera Rio, Natal and Valencia) plus a limited volume of other citrus varieties such as Lima, Bahia, Murcorte and Poncan which are used for processing juice. Production from other states is projected at 115 MBx. It is still too early to project the orange production for MY 2012/13. More accurate numbers should be available only during the first quarter of 2013. The current forecast is based on the two average blossomings in the majority of the citrus areas and the fact that citrus trees are stressed from two good crops in 2011 and 2012. ATO/Sao Paulo revised the Brazilian orange crop estimate for MY 2011/12 to 502 MBx, up 35 MBx compared to the previous estimate (467 MBx). The commercial citrus area in Sao Paulo should account for 390 MBx, up 7 percent compared to the previous figure due to likely higher size of the fruits. The harvest should extend through February 2013. The production estimate for states other than Sao Paulo is 112 MBx, according to updated information provided by the Brazilian Geography and Statistics Institute (IBGE). In August 2012, the Sao Paulo State Institute of Agricultural Economics (IEA) released the first orange crop survey for the 2012 crop (BR MY 2012/13). The Sao Paulo state crop, including both commercial and non-commercial areas, is estimated at 363.2 MBx. Note that IEA takes into account the entire state of Sao Paulo and all varieties of oranges, while ATO estimates follow the citrus industry methodology which includes the commercial area of the state plus the western part of Minas Gerais and the four major citrus varieties for juice processing. IEA reports that the state of Sao Paulo orange tree inventory is estimated at 222.2 million trees (190.9 million bearing trees and 31.3 million non-bearing trees). Area, Tree Inventory and Yields The Brazilian agricultural yield for MY 2012/13 is projected at at 2.05 boxes/tree, an 8 percent decrease compared to the current season (2.23 boxes/tree), assuming normal weather conditions as of December 2012. The Sao Paulo commercial grove yield for MY 2011/12 was revised upward to 2.25 boxes/tree, due to larger fruit size than previously estimated. Total orange area for MY 2012/13 is forecast at 790,000 hectares (ha), down 10,000 ha compared to last season, due to a higher number of trees per hectare and some substitution of citrus groves for sugarcane fields. Total Brazilian tree inventory for MY 2012/13 is projected at 222 million trees, down 3 million trees compared to the previous season. Sao Paulo is the only state that compiles data on tree planted and tree inventory. ATO/Sao Paulo estimates report stable area and tree population for “Other” states based on uniform production figures provided by IBGE. Diseases According to the 2012 greening survey conducted by the Citriculture Defense Fund (Fundecitrus), 64.1 percent of the sampled blocks are affected by greening. The number of affected trees is 6.91 percent. The eastern and central regions are the most affected citrus growing areas with 14.8 and 9.89 percent of affected trees, respectively. Producer Prices The Orange Index price series is published by the University of Sao Paulo’s College of Agriculture “Luiz de Queiroz” (ESALQ) for both the fresh domestic market and product delivered to orange juice processing plants in the state of Sao Paulo. Both series track orange prices from September 1994. Prices for the fresh market are for fruit on the tree. Orange Prices paid by Sao Paulo industry - spot market (Pera, Natal, Valencia varieties, average prices in Reais - R$, 40.8 kg box, fruits delivered to the processing plant). Month 2007 2008 2009 2010 2011 2012 Jan 15.46 13.46 6.80 7.70 15.59 n/a Feb 15.50 12.39 5.92 9.77 15.00 n/a Mar 13.68 9.66 4.95 10.17 15.00 n/a Apr 8.79 8.38 4.50 8.24 15.00 n/a May 7.88 8.27 4.05 13.00 n/a n/a Jun 7.97 9.72 3.68 14.70 n/a n/a Jul 10.93 10.95 3.65 14.88 n/a 7.00 Aug 10.16 9.71 5.04 14.90 n/a 7.00 Sep 9.78 9.33 5.66 15.19 n/a 7.01 Oct 9.89 9.57 5.86 15.23 n/a 6.97 Nov 11.77 8.63 6.41 15.35 n/a 6.53 Dec 12.61 7.27 6.95 15.66 n/a -- Source: CEPEA/ESALQ. Orange Prices received by Producers in the Domestic Market (Pera Variety, average prices in Reais - R$, 40.8 kg box, fruits on the tree). Month 2007 2008 2009 2010 2011 2012 Jan 15.08 15.38 10.00 10.89 22.86 8.43 Feb 17.10 16.95 9.82 17.22 25.33 8.41 Mar 19.02 17.03 11.13 19.17 26.32 12.72 Apr 16.60 14.65 10.46 16.50 19.62 12.82 May 13.82 12.04 9.13 14.49 14.78 9.34 Jun 11.28 11.39 7.66 15.13 12.17 6.88 Jul 10.98 11.38 6.48 14.90 11.05 5.99 Aug 11.06 11.01 6.47 14.94 10.15 5.54 Sep 10.48 10.64 7.04 16.83 9.75 5.61 Oct 11.48 10.83 7.58 19.17 10.20 5.65 Nov 13.45 10.24 8.48 19.93 9.92 5.74 Dec 14.10 9.70 8.94 20.15 9.13 -- Source: CEPEA/ESALQ The current citrus crop has been problematic for citrus growers. A significant number of producers do not have contracts with orange juice processors and part of the fruit has been lost (not harvested) given that the juice processors have not been purchasing fruit, especially the Hamlin variety. It is estimated that approximately 40 MBx of the aforementioned variety has been lost. In order to provide support to citrus growers during the 2012 crop, on September 19, the Brazilian Government released “Portaria Ministerial” # 841/2012 which set the Subsidy Auction (PEP) and Equalization Premium Paid to the Producer (PEPRO) Programs for the citrus industry for the current crop. Through the PEP program, the government pays the difference between the prevailing market price and the minimum reference price of the product set at R$ 10.10/box of orange. The federal government through the National Supply Company (CONAB ) conducts public auctions to set a premium for the buyers (orange juice processors and packing houses). These buyers then contact producers interested in selling their production at the minimum support price in force. Buyers must transport the product to the destination previously established by the program. PEPRO is a premium granted to the citrus growers who sell their products at public auction, where the government pays the difference between the minimum reference price set at R$ 10.10/box of oranges and the prevailing market price (the price paid by orange juice processors). Portaria Ministerial #841/2012 set total funds available for the operation at R$120 million and each individual grower can sell up to 40,000 boxes of oranges through the programs. Regular auctions have been held since the release of the government measure. The PEP premium has been set roughly at R$ 5.80/box and PEPRO premium varies between R$ 3.10 and R$ 3.40/box of oranges. In 2011, the Brazilian government established, through Resolution #3,9801/11 from the National Monetary Council, a Special Line of Credit (Linha Especial de Credito – LEC) valued at R$280 million. (See BR110027). Repayment of any funds from the line of credit was due in three installments: December 2011, January 2012, and February 2012. However, the government recently extended those due dates. As a concession, processors agreed to pay 25 percent of the loaned amounts by December 2012, January 2013 or February 2013, and postpone the remainder (75 percent) for one year. As part of the agreement, orange juice processors must not sell the orange juice “LEC stocks” which are estimated at 311,000 mt (66 Brix, FCOJ equivalent) during this period. In mid-April, representatives of the Brazilian Rural Society (SRB) and the Brazilian Association of Citrus Exporters (CitrusBR) created the Brazilian Council of Orange Producers and Orange Juice Processors (Consecitrus). One of the major goals of Consecitrus is set a reference price for oranges in the future taking into account orange juice and byproduct prices, production costs to grow oranges and production prices to process orange juice. In October, Consecitrus released the first Consecitrus Index price at R$ 9.64/box of oranges, using July 2012 as the reference month. According to Consecitrus, the cost of production was R$ 8.64/box for producers and R$ 7.63/box for orange juice processors, totaling R$ 16.27/box. The gross income was R$ 19.07/box taking into account the prices of orange juice (US$ 2,200/ton of FCOJ and US$ 565/ton of NFC) plus sales of byproducts. The net income was estimated at R$ 2.81/box and the profit share for citrus growers and orange juice processors was set at roughly 36 and 64 percent, respectively. To date, the Consecitrus methodology has not been used as a price reference for the citrus industry. It has been under review by the government of Brazil’s Economic Defense Council. Consumption: During MY 2012/13, total Brazilian orange consumption is forecast at 138 MBx, down 46 MBx compared to MY 2011/12 (184 MBx). These figures include actual domestic consumption plus losses from natural drop, harvesting, transportation and packing. Post contacts report that 50 to 60 million boxes of oranges, mostly Hamlim, were not crushed by orange juice processors during the season nor were they absorbed by the domestic market during MY 2011/12, therefore resulting in significant losses in citrus growers’ profitability. Fruit delivered to processors for “not from concentrated (NFC)” orange production for the domestic market is also included in these figures. Domestic consumption estimates are calculated as the difference between production estimates and the volume of oranges delivered to processors for FCOJ and NFC produced for exports. Trade: Total fresh orange exports for MY 2012/13 are forecast at 1 MBx, similar to the current season. The majority of exports occur during the harvest of the commercial crop (June-December). The table below shows official fresh orange exports (NCM 0805.10.00) by country of destination, for BR MY 2011/12 (July-June), and BR MY 2012/13 (July-October), according to SECEX. Brazilian Fresh Orange Exports (MT and US$ 1,000 FOB) MY 11/12 1/ MY 11/12 2/ MY 12/13 2/ Country Quantity Value Quantity Value Quantity Value Netherlands 10,066 4,736 8,997 4,324 6,535 2,840 Spain 8,534 4,294 8,363 4,201 5,199 2,689 United Kingdom 5,783 2,712 5,523 2,575 2,204 806 Portugal 3,205 1,628 3,205 1,628 0 1 Paraguay 2,846 350 0 0 470 30 Russian Federation 844 336 844 336 0 0 Saudi Arabia 729 334 417 158 52 23 Ireland 574 268 549 254 231 121 Denmark 513 284 304 167 404 227 Italy 469 248 469 248 26 14 Others 793 464 640 373 705 335 Total 34,355 15,653 29,311 14,262 15,826 7,086 Source : Brazilian Department of Foreign Trade (SECEX), NCM 0805.10.00 Note : 1/ July - June 2/ July - Oct Production, Supply and Demand Data Statistics: Production, Supply and Demand Data Statistics Oranges, Fresh Bra 2009/2010 2010/2011 2011/2012 2012/2013 zil MY Begin: Jul MY Begin: Jul MY Begin: Jul MY Begin: Jul 2010 2011 2013 2013 New Post New Post New Post New Post Area Planted 800,000 810,000 803,000 790,000 Area Harvested 724,600 734,600 712,600 707,600 Bearing Trees 219,000 223,000 225,000 222,000 Non-Bearing Trees 40,000 40,000 46,000 44,000 Total No. Of Trees 259,000 263,000 271,000 266,000 Production 15,830 22,603 20,482 18,564 Imports 0 0 0 0 Total Supply 15,830 22,603 20,482 18,564 Exports 41 41 41 41 Fresh Dom. Consumpt 4,814 5,467 7,507 5,631 For Processing 10,975 17,095 12,934 12,892 Total Distribution 15,830 22,603 20,482 18,564 Hectares, 1000 Trees, 1,000 MT Commodities: Orange Juice Production: PS&D Tables The following tables provide revised data for Sao Paulo and total Brazilian orange juice production, supply and demand (PS&D) for Brazilian marketing years 2010/11, 2011/12, 2012/13 (July-June) and the initial forecast for MY 2013/14, which are equivalent to U.S. MY 2009/10, 2010/11, 2011/12 and 2012/13, respectively. Note: There is a one year lag between the Brazilian marketing year and the U.S. marketing year. For example, BR MY 2013/2014 is equivalent to U.S. MY 2012/2013. As such and to ensure data continuity, the current Brazilian MY 2013/14 will be referred to as U.S. MY 2012/13 throughout this report. The tables include NFC production for exports converted to Frozen Concentrated Orange Juice (FCOJ), 65 Brix equivalent, using the following conversion factor: 1 metric ton of FCOJ 65 Brix equals 5.6 metric tons of NFC 11.6 Brix. Brazil: FCOJ PS&D (Jul-Jun) (Million 40.8 kg boxes, TMT, 65 degrees brix) Item/ U.S. Marketing Year US09/10 US10/11 US11/12 US12/13 Item/Brazilian MY 2010/11 2011/12 2012/13 2013/14 Delivered to Processors 269.0 419.0 317.0 316.0 Sao Paulo (FCOJ + NFC exports) 257.0 395.0 295.0 292.0 Others 12.0 24.0 22.0 24.0 Beginning Stocks * 128.0 65.0 440.0 436.0 Total Production 1,145.0 1,600.0 1,210.0 1,255.0 Sao Paulo FCOJ 920.0 1,325.0 940.0 960.0 Sao Paulo NFC (FCOJ equiv) 185.0 185.0 190.0 205.0 Others 40.0 90.0 80.0 90.0 Total Supply 1,273.0 1,665.0 1,650.0 1,691.0 Exports 1,173.0 1,185.0 1,170.0 1,215.0 Sao Paulo FCOJ 948.0 910.0 900.0 920.0 Sao Paulo NFC (FCOJ equiv) 185.0 185.0 190.0 205.0 Others FCOJ 40.0 90.0 80.0 90.0 Domestic Consumption 35.0 40.0 44.0 48.0 Ending Stocks 65.0 440.0 436.0 428.0 Total Distribution 1,273.0 1,665.0 1,650.0 1,691.0 * Sao Paulo FCOJ equiv stocks only. General ATO/Sao Paulo forecasts total Brazilian FCOJ 65 Brix equivalent production for MY 2012/13 at 1.255 million metric tons (mmt), up 45,000 mt relatively to MY 2011/12, assuming higher crushing yields, i.e., fewer boxes of oranges per ton of orange juice. The Sao Paulo industry is expected to process 292 MBx of oranges for orange juice production (240 MBx and 52 MBx for FCOJ and NFC production, respectively), accounting for 1.165 mmt of juice (960,000 mt and 205,000 metric tons of FCOJ and NFC, respectively). Other producing states should deliver 24 MBx for processing. Total Brazilian FCOJ 65 Brix equivalent production for MY 2011/12 is estimated at 1.21 mmt, a 390,000 mt drop compared to the previous season, due to lower availability of fruit for processing. The Sao Paulo industry should account for 295 MBx for crushing, whereas other states should contribute 22MBx. The end of the crushing season is expected for February 2013. Orange juice figures include NFC production for exports converted to FCOJ 65 Brix equivalent. There is no official estimate for NFC supply and demand in Brazil. Consumption:FCOJ domestic consumption for MY 2012/13 is forecast at 48,000 mt, 65 Brix, up 4,000 mt from MY 2011/12, due to the growing trend in consumption of ready to go orange juice and nectars. Trade: In MY 2012/13, total Brazilian FCOJ 65 Brix equivalent exports are projected at 1.215 mmt, up 35,000 mt vis-à-vis MY 2011/12 (1.17 mmt), assuming a slightly recovery in FCOJ consumption in western Europe, minor growth in new markets and the steady increase in NFC consumption. The Sao Paulo industry should contribute 1.125mt, 65 Brix equivalent. The tables below show official orange juice exports (NCM 2009.11.00, NCM 2009.12.00 and 2009.19.00) by country of destination for BR MY 2011/12 (July-June), and BR MY 2012/13 (July-October), according to SECEX. The “Others” category includes both FCOJ and NFC exports. Post considers the average monthly price by country of destination for the “Others” category as a criterion to distinguish between FCOJ and NFC exports Frozen/Unfermented Orange Juice Exports ( MT and US$ 1,000 FOB) MY 11/12 1/ MY 11/12 2/ MY 12/13 2/ Country Quantity Value Quantity Value Quantity Value Belgium 152,903 304,084 56,634 112,014 68,763 137,413 United States 69,297 136,668 31,649 62,528 31,220 54,599 Japan 55,783 129,658 12,636 30,099 22,245 45,300 Netherlands 51,113 104,891 22,444 46,465 27,786 46,658 China 45,916 104,387 14,601 30,471 11,186 25,524 Switzerland 20,485 42,218 5,417 11,176 5,586 10,408 Israel 11,127 25,021 3,664 8,170 1,531 3,023 South Korea 8,121 17,999 3,802 9,312 1,020 2,543 Australia 6,338 15,180 1,528 3,621 5,318 11,046 Chile 5,596 13,867 1,554 3,852 1,607 3,616 Others 36,617 82,439 9,518 21,290 20,250 40,440 Total 463,297 976,411 163,446 338,998 196,511 380,570 Source : Brazilian Department of Foreign Trade (SECEX), NCM 2009.11.00 Note : 1/ July - June 2/ July - Oct Brazilian Orange Juice Exports, Not Frozen and Brix Under 20 (MT and US$ 1,000 FOB) MY 11/12 1/ MY 11/12 2/ MY 12/13 2/ Country Quantity Value Quantity Value Quantity Value Belgium 458,339 184,854 157,915 64,249 144,277 56,418 United States 264,565 103,530 128,530 49,624 120,219 48,975 Netherlands 214,520 88,165 85,005 34,563 127,366 56,939 Switzerland 6,932 2,655 0 0 0 0 China 52 41 0 0 0 0 Japan 37 42 0 0 12 13 Greece 26 59 26 59 0 0 French Guiana 10 10 5 5 1 1 Paraguay 5 6 1 1 0 0 Uruguay 1 1 0 0 0 0 Total 944,488 379,362 371,481 148,500 391,874 162,344 Source : Brazilian Department of Foreign Trade (SECEX), NCM 2009.12.00 Note : 1/ July - June 2/ July - Oct Brazlian Orange Juice Exports, Others (MT and US$ 1,000 FOB) MY 11/12 1/ MY 11/12 2/ MY 12/13 2/ Country Quantity Value Quantity Value Quantity Value Belgium 250,553 552,246 85,433 185,073 54,797 111,714 Netherlands 145,841 285,288 47,976 94,685 38,094 73,631 United Kingdom 46,069 96,620 17,952 36,169 7,031 15,012 United States 36,123 81,171 15,117 31,836 17,591 35,584 Japan 10,549 26,416 0 0 2,378 5,232 Switzerland 9,089 18,972 5,219 10,922 283 507 Australia 7,029 16,954 0 0 0 0 Puerto Rico 5,033 10,879 3,018 5,539 0 0 Ireland 857 1,570 324 574 286 381 Venezuela 332 741 86 218 8 37 Others 963 1,492 408 583 413 663 Total 512,437 1,092,348 175,533 365,600 120,881 242,762 Source : Brazilian Department of Foreign Trade (SECEX), NCM 2009.19.00 Note : 1/ July - June 2/ July - Oct Stocks: Ending stocks for MY 2012/13 are projected at 428,000 mt, 65 Brix, similar to MY 2011/12 (436,000 mt). Note that ending stocks for MY 2009/10 (65,000 mt) and MY 2010/11 (440,000 mt) were revised upward to reflect updated information from the industry. These figures include only stocks in the storage tanks of orange juice facilities (processing plants, port terminals, etc) in Brazil. They do not include stocks owned by Brazilian companies abroad, e.g., in transit and port terminals in the U.S., Europe and Japan. According to the Brazilian Association of Citrus Exporters (CitrusBR), global Brazilian orange juice inventories were 662,452 metric tons (66 Brix) in June 30, 2012. Inventories include stocks in Brazil (461,829 mt), e.g., storage tanks at processing plants and port terminals in Brazil; and stocks abroad (200,623 mt), e.g., vessels and port facilities worldwide. Production, Supply and Demand Data Statistics: The tables include Not From Concentrate (NFC) production for exports converted to Frozen Concentrated Orange Juice (FCOJ) 65 Brix equivalent using the following conversion factor: 1 metric ton of FCOJ 65 Brix equals 5.6 metric tons of NFC 11.6 Brix. Orange Juice 2009/2010 2010/2011 2011/2012 2012/2013 Braz MY Begin: Jul MY Begin: Jul MY Begin: Jul MY Begin: Jul il 2010 2011 2013 2013 New Post New Post New Post New Post Deliv. To Processors 10,975,000 17,095,000 12,934,000 12,892,000 Beginning Stocks 128,000 65,000 440,000 436,000 Production 1,145,000 1,600,000 1,210,000 1,255,000 Imports 0 0 0 0 Total Supply 1,273,000 1,665,000 1,650,000 1,691,000 Exports 1,173,000 1,185,000 1,170,000 1,215,000 Domestic Consumption 35,000 40,000 44,000 48,000 Ending Stocks 65,000 440,000 436,000 428,000 Total Distribution 1,273,000 1,665,000 1,650,000 1,691,000 MT Author Defined: Exchange Rate Exchange Rate (R$/US$1.00 - official rate, last day of period) Month 2006 2007 2008 2009 2010 2011 2012 January 2.22 2.12 1.76 2.32 1.87 1.67 1.74 February 2.14 2.12 1.68 2.38 1.81 1.66 1.71 March 2.17 2.05 1.75 2.25 1.78 1.62 1.82 April 2.09 2.03 1.69 2.18 1.77 1.57 1.89 May 2.30 1.93 1.63 1.97 1.81 1.57 2.02 June 2.16 1.93 1.64 1.95 1.80 1.56 2.02 July 2.18 1.88 1.57 1.87 1.75 1.56 2.05 August 2.14 1.96 1.63 1.88 1.75 1.59 2.04 September 2.17 1.84 1.92 1.78 1.69 1.85 2.03 October 2.14 1.74 2.12 1.74 1.70 1.69 2.03 November 2.17 1.78 2.33 1.75 1.71 1.85 2.10 December 1/ 2.14 1.77 2.34 1.74 1.66 1.88 2.11
Posted: 22 December 2012

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