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Soybean prices rise in Brazil, driven by the exchange rate

Posted by Rafael Moro

Image: Pixabay

Soybean prices rose in another one-off business week in the Brazilian market. Despite the fall in Chicago, the appreciation of the dollar against the real supported prices. The retraction of the producer and the heated demand contributed to the rise of internal references.

In Passo Fundo (RS), the 60-kilogram bag rose from R$ 167.50 to R$ 171.00. In Cascavel (PR), the price increased from R$ 166.00 to R$ 169.50. In Rondonópolis (MT), the price increased from R$ 174.00 to R$ 177.00. At the Port of Paranaguá, prices rose from R$ 170.00 to R$ 174.00.

This week, the support of prices was due to the resistance of producers, emptying the offer, and by the exchange rate. The commercial dollar rose 3.35%, closing Thursday, 19, at R$5.422. Concerns about the recovery of the world economy, due to the advance of the delta variant of the coronavirus, and political uncertainties about fiscal obligations determined the rise of the US currency.

Futures contracts maturing in November dropped 3.3% in the same period on the Chicago Commodity Exchange. The position ended Thursday at $13.20 a bushel. The improvement in the climate in the United States overcame the good demand for American soybeans and weighed on prices.

The international market also felt the pressure of doubts about the world economy. Investors shed positions in commodities and looked for safer investments. The soy complex also felt this pressure.

By: Dylan Della Pasqua | Safras & Mercado

This text was automatically translated from Portuguese.