Management Report 2020

Management Report 2020 Figure 14 Million tons Annual cotton exports, Brazil Figure 15 SLC Agrícola World soybean supply and demand balance 54 83 83 2016/2017 25.0 74 68 20.0 17.5 52 52 Million tons 15.0 10.0 5.0 2017/2018 2018/2019 17.2 2019/2020 2020/2021 4.5 0.0 -5.0 -10.0 -8.8 -15.0 -20.0 -18.1 2015 2016 2017 2018 2019 2020 -25.0 Source: MDIC Source: USDA 25 25

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