The Point for Latin America

Research evidence excerpt

The Point for Latin America

Brazil Railroads and Shipping - Grains Logistics Tracker: Weekly Preview and

Charts (July-10)

Data as of July 10th shows truckers’ margins down -1.1p.p. w-o-w, or down -1.2p.p.

w-o-4w, on average. Moderation seems to be intensifying, and we expect further

drops ahead as the logistic market gradually enters the grains off-season. Corn

harvest has reached ~60% of planted area and advanced well due to good weather

conditions, though still with southern regions of the Mato Grosso state lagging

meaningfully. Climate conditions are at the center of discussions and remain a

point of attention, with NOAA last week increasing the likelihood of a very strong

El Niño from 64% to 81% (The AgriBiz, July 10th). Above-average rainfall in the

coming weeks at Mato Grosso may increase challenges for the ongoing harvest,

while the risks for hydrology and the upcoming crops remain relevant. Key weekly

charts are in the note.

Filipe Nielsen

Brazil Healthcare Services - Citi Friday Charts: Onco second order impact

On the heels of the Oncoclinicas looming financial duress, this week’s Citi Friday

Charts explores potential second order impacts across the Brazilian healthcare

value chain. Accordingly, ONCO’s ongoing distress could create oncology market-

share opportunities for larger providers, with RDOR potentially benefiting from

volumes “up for grabs”, as RDOR has already shown meaningful acceleration in

oncology revenue growth since 3Q25 (Charts #1-4). Elsewhere, ONCO’s position

as one of the industry’s low-cost oncology providers could also create MLR

headwinds for large payors in the event of patient volume migration to higher-cost

networks. Under our simplified sensitivity analysis, assuming SAUD and PSSA