Boa Safra, Brazil’s largest soybean seed producer, has canceled orders from some distributors unable to provide sufficient payment guarantees.
This decision affects major clients such as Agrogalaxy (AGXY3), controlled by Aqua Capital. In the third quarter, large retailers represented just 20% of Boa Safra’s portfolio, down from 40% last year.
The company’s net revenue dropped 26% to 727 million reais ($126 million) in the quarter, impacted by delays in soy planting. Boa Safra (SOJA3) is publicly traded on the Sao Paulo Stock Exchange.
