When big reserves of pre-salt oil were found offshore Brazil, then-president Lula compared the discovery to a lottery win. However, perhaps the real prize has been sitting inland all the time. In many ways, Brazil’s agricultural industry looks a far better bet than its petrochemical dalliance.
Consider demand. In an increasingly populated and richer world the demand for grains is set to outstrip GDP growth for years to come. Demand for oil is still strong of course, but it is less of a one-way bet.
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