(iStock.com/Bohdan Bevz)
The third week of September was quite busy for the agricultural sector, with the request for judicial recovery of AgroGalaxy (AGXY3) in the center of the news. With this, we detail the company's debt and list of creditors.
Now Prosa Agro, a podcast by Itau BBAdiscussed the impact of the US elections on Brazilian agribusiness. For Christopher Garman, executive director of Eurasia Group for the Americas, regardless of who wins, there will be a deterioration in bilateral relations between China and the US.
In addition, JP Morgan revised its estimates for BRF (BRFS3) and JBS (JBSS3), and raised the target price for one of the stocks. And JP Morgan raised its recommendation for São Martinho (SMTO3), while Morgan Stanley downgraded the stock.
The topics that stood out the most in the last week
5th place – Tereos loses 1.7 million tons of sugarcane due to fires in SP and estimates losses of R$100 million
The CEO of TereosPierre Santoul, one of the global leaders in the production of sugar, ethanol and bioenergy, stated that 1.7 million tons of sugar cane of the company were lost due to the fires and burnings that affected the production areas
The affected area represents 10% of Tereos' sugarcane fields in Brazil, or 30 thousand hectares. According to the executive, who spoke during a discussion organized by the company, Tereos suffered an impact of R$100 million due to the burning of sugarcane fields, classifying the situation as “worrying”.
4th place – Beef prices gain strength and analyst cites a 'very favorable' ceiling for producers at the end of 2024
The prices of boi gordo, based on the Cepea/B3 indicator, advanced quite intensely in the September partial, with an appreciation of 8.43%, to R$ 259.95 per arroba.
According to Fernando Iglesias, animal protein analyst at Safras & Mercado, the cattle market is working with a recovery in prices, with the São Paulo market working with prices around R$260, while other areas of the country continue to have interesting prices.
Top 3 do agro
🥉 3rd place – Cosan (CSAN3): BTG cuts target price due to adjustments in Raízen (RAIZ4), but still sees the stock soaring; see potential
O BTG Pactual revised its estimates to Cosan (CSAN3), amid the weak performance of the shares of Vale (ELECTION 3) — a company that has a 4.14% stake, the results were slightly weaker than expected from Raízen (RAIZ4) and a less favorable interest rate environment, which led CSAN3 shares to significantly underperform the Ibovespa index (-31% since February).
The director of agricultural risk management at the Ministry of Agriculture and Livestock (Mapa), Jonatas Pulquerio, sees the request for judicial recovery of AgroGalaxy (AGXY3) as worrying for Brazilian agribusiness and, especially, for the capital market.
On your profile on LinkedinPulquerio reinforced that AgroGalaxy is one of the major players in the supply of agricultural inputs and services, facing financial challenges that can generate a cascade effect on its partners and customers, directly impacting agricultural production in Brazil.
🥇 1st place – AgroGalaxy (AGXY3) files for bankruptcy protection; remember the company’s movements
A Agrogalaxy (AGXY3) filed for bankruptcy protection on Wednesday (18), close to the market closing. The stock closed down 13.27%, at R$0.98. On the morning of that day, the company announced the resignation of the CEO and 5 board members.
According to the company, the request for judicial recovery seeks to protect the company and its subsidiaries to continue to fulfill their obligations.
In 2024, the stock fell 81.37% and in the last year, the drop is 87.03%. Since 2023, AgroGalaxy has faced several challenges.
Last year, on June 30, Welles Pascoal, who was responsible for the IPO, returned to the position of CEO of the company, and a few days after his return, the company announced the dismissal of more than 40 employees, as you saw here on Money Times exclusively. On July 11, the company reduced its projection for new stores for the year.