Those who are banking on the BRIC countries to recover quickly should note a Reuters report about the deteriorating job situation in Brazil.
Brazil's economy shed the most amount of formal jobs in nearly 10 years in December as the global financial crisis took a toll on Latin America's biggest economy.
The economy cut 654,946 formal jobs in December, the worst loss since May 1999 and more than double the 319,414 jobs cut in December 2007, government data showed on Monday.
The figure was higher than the 600,000 job losses predicted by President Luiz Inacio Lula da Silva last week and more than double the 300,000 considered normal for the month of December because of seasonal factors.
The bulk of the job cuts came in industry, services, agriculture and the construction sectors, with the latter two especially hard-hit.
A look at some agro-chemical companies and related industries with exposure to Brazil through their conference calls:
From Monsanto's FQ109 conference call: (MON)
Latin America as a whole continues to shift to premium corn seed hybrids, and that, combined with a richer trait mix in Argentina and Brazil specifically contributed to the gross profit improvement in the area. Based on our early read, we are on track to gain corn seed market share across the region, even as we are taking a cautious approach to credit through the second season in Brazil.
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