SAO PAULO, Brazil (DTN) -- Brazilian grain farmers have enjoyed five years of handsome margins and have plowed a large portion of their profits back into their operations.
But you don't need to remind most farmers about the crisis that followed the last such cycle.
Between 2000 and 2005, Brazilian farmers were similarly bullish. Expansion was the watchword with huge tracts of Cerrado savanna brought into soybean production every year and successive records in farm machinery sales.
Everything turned sour in 2005, though. Crops disappointed, prices fell and the Brazilian real strengthened, leaving many farmers overextended. With credit limited and ...