For many years farmers and investors from all over the globe flocked to Brazil’s vast western savannah to capitalise on booming world soyabean prices and a weak local currency. Grain silos, tractor dealerships and shopping malls popped up all along the agricultural frontier as billions of soya dollars poured into the region.

Soyabean prices peaked at $10 per bushel in June 2004, and land prices followed soon after.