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20260909 090000 UTC
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[00:01:30] France registered the lowest wine production since
[00:01:33] 1957. The country faces one of the worst
[00:01:37] heatwaves in history, marked by drought and record
[00:01:41] temperatures.
[00:01:46] you don't have access to According to the Ministry of Agriculture, wine production in 2026 is below
[00:01:49] 34 million hectoliters,
[00:01:52] 6% less than last
[00:01:55] depressed profitability year. The Ministry's Statistics service
[00:01:57] indicates that the 17%
[00:02:00] access to drop, in relation to the average of 2021-2025,
[00:02:04] larger fairs tend to is explained both by the reduction of areas and by the
[00:02:07] yields, affected by the drought and heatwaves of
[00:02:11] summer. France is the second largest wine producer in the
[00:02:15] world, behind Italy. Until September
[00:02:19] nothing today 1st, production is estimated at 33.9 million
[00:02:22] hectoliters compared to 35.9 million last
[00:02:26] year. This is one of the smallest harvests in the last
[00:02:30] 30 years according to the International Organisation of Vine
[00:02:34] and Wine, which compiles worldwide wine production and consumption
[00:02:37] statistics, France had already registered in 2025 the lowest
[00:02:40] production since
[00:02:44] 1957.
[00:02:47] Corn prices remain high, in the south the summer
[00:02:50] crop has already started to be sown. The
[00:02:53] second corn crop harvest is already in its final stages. Meanwhile,
[00:02:57] producers in Rio Grande do Sul have already started
[00:03:01] sowing the Summer 2026-2027 Crop.
[00:03:04] In the state, the area destined for the cereal may be larger next
[00:03:08] season. According to Cepia, some
[00:03:10] producers opted for corn in search of crop
[00:03:14] diversification and the reduction of risks with other
[00:03:18] products like soybeans. According to the research center,
[00:03:21] attentive to the possible impacts of El Niño for the next
[00:03:24] season, sellers are withdrawn, limiting the
[00:03:28] volume of lots for negotiation. and international highs have
[00:03:32] raised export parity, the result
[00:03:35] is pressure on prices, with the high,
[00:03:38] a portion of buyers have chosen to consume lots
[00:03:41] commercialized in advance, instead
[00:03:44] of negotiating at higher levels. According to CPEA
[00:03:48] researchers, these agents bet that full
[00:03:51] warehouses, the need to pay debts, and the weakened
[00:03:55] pace of exports this season, will lead
[00:03:59] producers to... need to sell in the coming
[00:04:02] weeks. The price of soybeans gained strength
[00:04:06] at the beginning of September. Look at this.
[00:04:09] The appreciation of soybeans observed in August, gained
[00:04:13] strength at the beginning of this month, sustained by
[00:04:16] uncertainties about the possible impacts of El Niño on the
[00:04:19] 2026-27 crop.
[00:04:22] Due to higher Asian demand for North American soybeans and the
[00:04:26] intensification of conflicts in the Middle East. In addition,
[00:04:29] according to CPA, Brazilian producers await a greater
[00:04:33] volume of rain to start field activities in the 2026/27
[00:04:37] season, a scenario that has retracted
[00:04:40] negotiations involving large quantities. For the
[00:04:44] researchers, the rise in the national market was limited by the
[00:04:47] decrease in external demand for Brazilian soybeans. Which is common
[00:04:51] for this period of approaching the entry of the North American
[00:04:54] crop. Even so, in the partial period from January to
[00:04:58] August, Brazil exported almost 90 million tons of
[00:05:02] grain soybeans, a record for the
[00:05:04] period.
[00:05:06] Let's see now the weather forecast for this Wednesday across
[00:05:09] the country.
[00:05:15] Wednesday will be marked by the return of instabilities in some areas of the
[00:05:19] south-central region of the country, the combination of a low pressure area in the interior of the continent
[00:05:23] and a trough in the atmosphere again favors the formation of heavy clouds,
[00:05:27] in addition to the transport of heat and humidity, increasing the risk of thunderstorms,
[00:05:30] mainly between Paraná, Santa Catarina, Rio Grande do Sul and São
[00:05:33] Paulo. In addition to heavy rain, there is a chance of lightning, wind gusts
[00:05:37] and high volumes in some places. And attention, Thursday
[00:05:40] and Friday should concentrate the highest volumes of rain and the highest risk of
[00:05:44] thunderstorms between the south and southeast, in the south of the country the weather changes again,
[00:05:48] the action of a trough associated with a low pressure area in the interior of the
[00:05:51] continent, again increases instabilities. From
[00:05:55] early on, there is a forecast of rain showers between Paraná and northern Santa Catarina.
[00:05:59] Throughout the afternoon and also at night, these instabilities advance through more areas
[00:06:02] of Santa Catarina. In Paraná, the alert is for thunderstorms throughout the
[00:06:05] day. And in the state of Rio Grande do Sul, the rain is more concentrated in the northwest and in the
[00:06:09] northern strip, while the rest of the state remains
[00:06:12] firmer and a new cold air mass keeps temperatures lower in some
[00:06:16] areas of the state of Rio Grande do Sul. In the southeast, the circulation of moist
[00:06:20] winds continues to maintain a lot of cloudiness on the coast and in the east of the
[00:06:23] region. In addition, a trough at mid-levels of the atmosphere
[00:06:26] favors new rain showers, mainly in the interior of São Paulo and also in
[00:06:30] Minas Gerais. The forecast is for rain in the state of São Paulo, Rio de Janeiro, Espírito
[00:06:34] Santo, Triângulo, South, central, west and east of
[00:06:38] Minas Gerais and with a risk of thunderstorms in some areas. The situation is
[00:06:41] one of attention. also on the coast of São Paulo, where there is a chance of high volumes of
[00:06:45] rain, the situation is dangerous, in the areas closest to the
[00:06:49] coastal strip and in the south-central of São Paulo, in addition to the south and in some areas
[00:06:52] of eastern Minas Gerais, the cold air keeps temperatures a little more pleasant,
[00:06:56] while in the interior of Minas Gerais and in northern São Paulo, thermometers rise more in the
[00:06:59] afternoon, Wednesday already requires attention in some areas, but the
[00:07:03] scenario becomes even more worrying in the coming days, between Thursday and Friday
[00:07:07] the pre-thunderstorm conditions increased significantly in a large part of the south
[00:07:10] and also in the southeast, Paraná for... this as the state of greatest tension, with
[00:07:14] risk of intense rain, hail, wind gusts and thunderstorms.
[00:07:18] São Paulo also enters alert on Thursday, mainly in the south-central
[00:07:21] of the state, where the condition is dangerous for high accumulations of
[00:07:24] rain. During thunderstorms, avoid open areas, do not stay near
[00:07:28] trees, if possible, avoid going out during periods of more
[00:07:32] intense rain. In the Midwest, isolated showers may still occur during the
[00:07:36] morning of this Wednesday. Throughout the day, new areas of instability
[00:07:40] gain strength between the center, east and north of Mato Grosso. eastern half of Mato Grosso
[00:07:44] do Sul, Federal District and south-central Goiás. The showers
[00:07:48] occur irregularly, but can be strong accompanied by thunderstorms in some
[00:07:51] points. And the alert for thunderstorms in southeastern Goiás and also in
[00:07:55] Mato Grosso do Sul. In the northeast, it continues to rain mainly in the
[00:07:58] south of Bahia and on the coastal strip between the region of Natal and Alagoas,
[00:08:02] moderately to strongly, while in the interior, the weather remains
[00:08:06] drier. And in the northern region of the country, showers
[00:08:09] continue between Amazonas, Pará, northern Tocantins. in
[00:08:12] Roraima with an alert for thunderstorms in some areas, while in the
[00:08:16] other areas the weather remains drier, with heat and sun
[00:08:19] prevailing. while some areas of the south-central region of the country again register
[00:08:23] rain, the dry air continues in some areas, mainly in the central region of
[00:08:27] Piauí, where indices can range between 12 and 20% and
[00:08:31] reach emergency levels in some places. In Curitiba, the
[00:08:34] conditions for rain already increase during the morning and mainly during the afternoon
[00:08:38] and also at night. Showers can occur moderately, strongly with
[00:08:42] thunderstorms and high accumulations, with a maximum of
[00:08:45] 19 in the afternoon. In São Paulo, rain is forecast already
[00:08:48] from dawn and also in the morning. Throughout the day and also at night, it rains at any
[00:08:52] time, there is a risk of heavy rain, thunderstorms, high accumulations
[00:08:56] and disruptions in some places. And the maximum can reach up to
[00:08:59] 21 degrees, and in Recife, instabilities
[00:09:02] increase during the afternoon and also at night, where moderate to strong
[00:09:06] rain is forecast with some clearings in the sky and temperatures can reach
[00:09:09] up to 27 in the afternoon. In Porto Alegre. in Florianópolis,
[00:09:13] maximum of 20 and 22 degrees this Wednesday. In
[00:09:16] Vitória, temperatures can rise up to 25, while in Brasília
[00:09:20] it gets a little warmer, with a maximum of 28. And in Palmas and
[00:09:24] Cuiabá, heat of 35 and 36 degrees in the
[00:09:27] afternoon. Sales of agricultural machinery and implements accumulate a drop of more
[00:09:30] than 25%. Analysis after the break. Now
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[00:12:16] Sales of agricultural machinery are lower than last year, from
[00:12:20] January to July the drop was more than 25%. Now the
[00:12:24] sector hopes for a warming in the coming
[00:12:27] months, but the annual balance should still be below
[00:12:31] 2025. Pedro Estevão, president of the sectoral
[00:12:34] chamber of agricultural machinery and
[00:12:44] throughout the year the sales of agricultural machinery and implements
[00:12:48] were already falling since last
[00:12:51] year, right? Since last year. What's happening? Why
[00:12:55] aren't sales
[00:12:57] recovering?
[00:13:00] Look, there are several factors, but I'll list the main ones for
[00:13:04] you and the viewer, first that the
[00:13:07] sector is quite leveraged, that is, in the period
[00:13:11] from 2019 to 2023, it was that period when we had a pandemic,
[00:13:14] interest rates fell, commodity prices rose
[00:13:18] a lot, folks, we increased the planted area by about
[00:13:22] 15 million hectares, that's a lot, it's such
[00:13:25] an astonishing increase, people leveraged
[00:13:29] themselves in that period. The problem started
[00:13:33] in 2025, we had a crop loss due
[00:13:36] to a very severe drought throughout Brazil, we had a crop loss there
[00:13:40] in 2025. The price of the main
[00:13:44] two main commodities, which are soybeans and corn, fell
[00:13:48] a lot on the stock exchange, you had an excess of supply and
[00:13:51] this price that reached, for example, soybeans hit $17 a bushel
[00:13:55] and went back to $10, so you have a
[00:13:58] very low profitability, especially until
[00:14:01] mid-June, we are with the price of soybeans
[00:14:05] very low, soybeans and corn, and these two commodities
[00:14:08] basically represent 60% of the
[00:14:12] agricultural machinery market, so the profitability
[00:14:15] of these commodities was very low, so people not
[00:14:18] having profitability, having crop loss and having debt to
[00:14:22] pay, they will hold back investment. Another
[00:14:26] detail is that the interest rate for costing is quite
[00:14:29] expensive, the resource that the government
[00:14:32] allocates for for costing
[00:14:35] is around 170 billion, despite the
[00:14:39] harvest plan being 530, we are more or less subsidizing
[00:14:43] 170 billion for costing, so you have
[00:14:46] a large portion of farmers who will need to go to the
[00:14:49] market, they pay a very high interest rate, so they don't go to the market, they prefer
[00:14:53] to use their own resources to cover costs and
[00:14:57] then certainly less money is left for
[00:15:00] investment eh, and we
[00:15:03] now have El Niño right, which is actually an
[00:15:07] imponderable, we don't know exactly what will happen, and this
[00:15:11] ends up, let's say, scaring away investments because if the farmer doesn't know
[00:15:15] exactly what will happen, he is very afraid
[00:15:17] of crop loss and not being able to pay
[00:15:21] his bills, so it also makes you have...
[00:15:25] have, let's say, a very great fear of the farmer making
[00:15:28] investments, so these
[00:15:32] things I told you about are a leveraged sector, low
[00:15:35] profitability, loss of...
[00:15:38] high interest rates made this year,
[00:15:41] especially this year, very bad for the agricultural machinery market,
[00:15:45] let's talk a little more about all these points, right, between January and July of this
[00:15:49] year, sales totaled 26
[00:15:52] billion and 200 million reais,
[00:15:56] 25.8% less than in the same period
[00:15:59] last year, you said about the pandemic era that
[00:16:03] investment was higher, we then perceive a rollercoaster
[00:16:08] ride right, a few years ago the
[00:16:11] producer was one of the only sectors of the
[00:16:14] economy that worked much more, right, it was
[00:16:18] in the pandemic era that the agribusiness, we then realize that
[00:16:21] at that time the producer invested a lot and is still paying
[00:16:25] that bill because we know that a machine like this costs a lot
[00:16:29] right, so the producer took advantage of the
[00:16:32] high prices of that period took advantage of the expansion of
[00:16:36] area of that period made an investment and that bill is still
[00:16:39] coming?
[00:16:42] Certainly, yes, the
[00:16:44] investments usually the farmer is characterized
[00:16:47] by buying and making financing for
[00:16:50] investments, these investments are more or less from
[00:16:54] 10 to 5 years, so let's put an average of 7 years, so
[00:16:58] you have a lot of bills to pay, so you have
[00:17:01] low profitability, you have very little money left to
[00:17:04] have resources to make new investments, so... it is really
[00:17:08] the agricultural sector has a lot of these ups and downs and this up and
[00:17:12] down is due to the price of commodities, note that
[00:17:15] I said that in a good time the price of soybeans on the
[00:17:19] Chicago exchange was $17 a bushel, which is 27 kg
[00:17:22] and it dropped to 10 now 4 months
[00:17:26] ago, that is, a very large difference from seven to from 10 from
[00:17:30] 17 to 10, it
[00:17:32] a lot and behind soybeans came corn, came
[00:17:35] wheat, came other commodities... other grains that cause the
[00:17:39] price to fall a lot, so we always have this
[00:17:42] mismatch between profitability
[00:17:45] and the prices of commodities, this makes
[00:17:49] sales really rise and fall at a very
[00:17:52] high speed, for you to have an idea, in the period
[00:17:56] 21, 22, the sector invoiced 98
[00:17:59] billion and now we are talking about invoicing 53 billion, it is a
[00:18:03] very big difference, ah this is normal in the agricultural
[00:18:06] sector, let's say, it has
[00:18:09] basically always been like this, that is, when the commodity price falls,
[00:18:13] people stop buying, when the price, profitability
[00:18:16] is high, people buy, it has always been like this, this
[00:18:20] magnitude of this fall is a little
[00:18:23] greater than other events that happened in the past,
[00:18:26] precisely because of the accumulation of negative
[00:18:30] factors, which was the drought, high interest rates
[00:18:34] made this, let's say, potentialize this... this
[00:18:37] low crop yield,
[00:18:41] low profitability, when we talk, right, another point you
[00:18:44] mentioned, the issue of high interest rates, of the harvest plan,
[00:18:48] explain how it works, because we always report here year after year
[00:18:51] right, that some millions of reais
[00:18:55] were released for investment, for small, for medium, for large
[00:18:58] producers, family farming, how does it work and for
[00:19:02] the producer to have access to this credit to invest in machinery, because
[00:19:06] there are some plans, including... that are specific
[00:19:09] for the purchase of machinery, for the purchase of tractors, of agricultural
[00:19:12] machines,
[00:19:16] yes, the harvest plan has many lines of
[00:19:19] investments and you sometimes get confused, you have the part of
[00:19:23] costing and the part of investment, the part of
[00:19:26] investment, the interest rates are not so expensive, today you have
[00:19:29] the Pronaf line, which is
[00:19:32] for small farmers, which is 5%, it's a quite
[00:19:35] reasonable interest rate, I would say... that it's quite attractive, an interest rate of
[00:19:39] 5%, but this is for very small farmers who are called
[00:19:43] Pronaf farmers, after that you have the
[00:19:46] line, for example, today there is MV Agro, which is a line
[00:19:50] that the government recently introduced, about 30 days
[00:19:54] ago, which costs 9%, so
[00:19:56] it's also reasonable, then you have the traditional lines, which are for
[00:20:00] large farmers, let's say, large farmers, which is the Moderfrota, which
[00:20:03] is 12.5%, you have a financing
[00:20:06] line for... medium farmers, which is the Pronamp, which is
[00:20:09] 11.5%, and besides that you have FCO and FNE, which
[00:20:13] are the lines for the Midwest and for the North,
[00:20:17] Northeast, so, let's say, the volume of resources you
[00:20:20] have for investments are even reasonable, if you add up everything I told
[00:20:24] you, it amounts to about 22 billion available
[00:20:28] for the farmer to buy, for a sale of
[00:20:31] fifty-something billion, we have basically 60% of our sales
[00:20:35] would be covered with interest or with... resources that are
[00:20:38] reasonably cheap, right, what is really
[00:20:41] expensive today is the, let's say, the
[00:20:45] costing, as I said, what I said before, only 170
[00:20:49] billion. It's a subsidized resource, the bulk
[00:20:53] of the costing is done by CPR, CPR
[00:20:56] will cost Selic plus one, Selic plus three, Selic plus four, depending on the
[00:21:00] farmer's payment capacity, which is not such a cheap resource,
[00:21:04] so you have these differences
[00:21:06] in the harvest plan, but I repeat for
[00:21:10] investment you have quite a lot of resources
[00:21:13] with a reasonable interest rate, what is really lacking is the appetite for
[00:21:16] the farmer to buy due to these...
[00:21:20] variables that we have been talking about throughout the interview and it is
[00:21:23] interesting because agricultural fairs are
[00:21:27] important thermometers that
[00:21:29] guide this this buying and selling relationship
[00:21:33] right, for example, Expodireto ended last weekend
[00:21:35] the balance of Expodireto, which is the largest agricultural fair in
[00:21:39] Brazil, that happens in Rio Grande do Sul,
[00:21:42] purchase intentions fell compared to last
[00:21:46] year's edition by about 25%. Meaning
[00:21:48] we had already been seeing this at Agrishow, saw it at other
[00:21:52] fairs, now Expodireto, which I think is the last big fair of the
[00:21:55] annual calendar right, this market
[00:21:58] is challenging, reflecting Expodireto reflecting
[00:22:01] this trend of retraction in
[00:22:04] investments,
[00:22:07] so fairs, the trend of fairs is to reflect what is happening
[00:22:11] in the market, you see that at Agrishow we
[00:22:14] reported a drop of 22%. The
[00:22:17] accumulated from January to July is 22%. That is, the fair
[00:22:20] reflects a lot what happens, especially the big
[00:22:24] fairs, if you take a regional fair, it may be that specifically
[00:22:27] for that region, for that crop, the market is
[00:22:31] different, right, so you have some crops that are doing well, for example,
[00:22:34] uh, you take machines for
[00:22:38] livestock, it's reasonable, it's not a bad market like soybeans
[00:22:42] and corn, uh, machines for coffee are very good, that is, if you
[00:22:46] have a specific fair for coffee, uh, it
[00:22:49] won't... report such a bad result, but the
[00:22:54] reflect what happens in the market, it's difficult for you to
[00:22:57] have a result at the fair that is very different from what is
[00:23:01] happening in the market, so this number from
[00:23:05] Expodireto reflects exactly what is happening in the market, there is
[00:23:09] different, there was nothing different at the fair that would cause
[00:23:13] sales to increase, it reflects exactly what is happening,
[00:23:17] uh, it is worth noting
[00:23:21] to the public that we recently had, about
[00:23:25] 20 days ago, the price of soybeans and corn increased a lot on the Chicago stock
[00:23:29] exchange due to climate
[00:23:32] problems in the United States, so
[00:23:36] let's say, the price increased a bit, this made the farmer feel
[00:23:39] a little more optimistic, but this optimism will only be
[00:23:43] reflected next year, that is, when he really has a good
[00:23:47] harvest, if he has El Niño, El Niño doesn't harm
[00:23:50] much there in February-May of next year, when he harvests, he makes the calculations, there is
[00:23:54] money left, the price is better, because the price of
[00:23:57] commodities increased by basically 15%, so he will have a
[00:24:01] slightly better profitability, but this will only be reflected next year.
[00:24:05] this year, even
[00:24:07] this increase that happened now in the last 15 days, still not
[00:24:10] not probably won't reflect this year,
[00:24:14] so we continue with the same forecast of closing
[00:24:17] the year with -20 which even
[00:24:21] -22 will be a challenge for us to reach -20 it would mean that from now on
[00:24:24] sales would have to be a little better than they were until then
[00:24:28] up to our statistics until July
[00:24:31] we think it's difficult for that to happen, we're at
[00:24:34] -22 looking for -20, we think it will
[00:24:38] be difficult, because it's interesting for us to reinforce, right, when you say that
[00:24:41] these numbers or this profitability will only reflect next
[00:24:45] year because when we talk about agriculture, we talk about a long cycle, right, when we talk about crop
[00:24:49] year, we don't talk about the year from January to December, so the farmer is
[00:24:52] planting now or is preparing the soil or is, even
[00:24:56] if it's finishing the harvest, in the case of corn, the second harvest, but this
[00:25:00] sale, it has either already been made and is already committed or is negotiating for
[00:25:03] next year and will only receive next year, so it's important for us to
[00:25:07] also tell this to those who follow us and sometimes are not so
[00:25:10] familiar with this calendar, but then another
[00:25:14] point that you reinforced also that impacts this
[00:25:18] retraction in investment is the... El Niño, we've been talking about an intense
[00:25:22] El Niño this year worldwide and you've already talked about
[00:25:25] North American production and this
[00:25:28] climatic insecurity directly affects the
[00:25:31] investment that the producer makes in this
[00:25:34] machinery, so that means, the reflection of El Niño or the impact
[00:25:38] of El Niño in the Northern Hemisphere will also
[00:25:41] interfere with what the Brazilian producer will
[00:25:43] invest,
[00:25:46] ah, for sure, right, you...
[00:25:50] the media has intense coverage on El
[00:25:54] Niño, right, considered the biggest El Niño since 1870
[00:25:58] we don't know what will happen, this brings a lot of insecurity to the farmer, right, we
[00:26:01] know that here in... you have an excess of dry rain there in the
[00:26:05] northeast, midwest, in the midwest, the climate becomes
[00:26:09] irregular, right, but as they say, it's being
[00:26:12] said that it's a very strong El Niño and look, from
[00:26:16] 1870, from 1870 to now, back
[00:26:19] then it was a disaster, right, you didn't
[00:26:23] have as many resources as you have today, they talk about
[00:26:26] 40 million people, right, so it really was a very
[00:26:30] serious phenomenon, the... one becomes very apprehensive
[00:26:34] about making any investment with something that one has no
[00:26:37] control over, right, it's unpredictable, totally unpredictable what will happen with
[00:26:41] El Niño, this really retracts investments a lot
[00:26:44] and for the next few months,
[00:26:48] Pedro, what can we expect, perhaps a
[00:26:51] slight recovery, some data talks about a slight recovery and I also wanted
[00:26:55] to, just to finalize, for you to tell me a little about the
[00:26:59] import of machines, because we see in the...
[00:27:11] sector is seeing this issue? Look, imports have
[00:27:14] increased, especially from China, right? China started to invest here in
[00:27:18] Brazil, direct imports,
[00:27:21] to give you an idea, in
[00:27:24] four years it increased from 40 million dollars to
[00:27:27] 213 million dollars and this
[00:27:30] year, despite sales falling, China is increasing 27%
[00:27:34] of its sales here in Brazil, so China has become a very
[00:27:37] strong player here in Brazil,
[00:27:41] ah, they, China still has a problem that it
[00:27:45] brings a lot of imported things and
[00:27:48] the crop plan, right, because to access the crop
[00:27:51] plan you have to have local content, when China
[00:27:55] imports directly, it doesn't, that's why people are talking a lot about bringing industry here
[00:27:59] and then yes, they would have local content, they would have...
[00:28:03] the
[00:28:05] crop plan, what happens is that in recent
[00:28:09] years the so-called Pix amendment has increased a lot, which are
[00:28:13] let's say, those purchases, that money that the deputy sends
[00:28:17] to his base and there are many
[00:28:19] municipalities that buy agricultural machinery, the government itself buys agricultural machinery
[00:28:23] and then you, by the current
[00:28:26] law, you are not obliged to have
[00:28:30] local content, then the... it's basically
[00:28:33] price and then the Chinese ends up winning because they
[00:28:37] have a very great competitiveness, the products in
[00:28:40] China are about 40% cheaper than
[00:28:42] ours, so China really has
[00:28:46] entered the market, it's not yet among the big
[00:28:49] producers because it doesn't have eh the
[00:28:52] product doesn't have a quality adapted
[00:28:56] to our market, the large
[00:28:58] farmer needs to have after-sales. "You
[00:29:02] don't have enough resale from China yet, so let's say,
[00:29:06] it's a player that is entering, it's not yet
[00:29:09] eh not that big, but it
[00:29:13] scares by its speed, right, because if it jumps from 40,
[00:29:17] I think this year it will go to 240, so it's at
[00:29:20] 240 million dollars, right, it's really entering very
[00:29:23] quickly - into the market, the Brazilian
[00:29:26] market, those who build factories here in Brazil, the Brazilian
[00:29:30] market is open, right, that's why we have..." Americans,
[00:29:34] Europeans, Indians,
[00:29:36] eh, Koreans here in Brazil manufacturing agricultural machinery, if the
[00:29:40] Chinese enter, it's one more, one more