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Soybean prices rose in another week of punctual deals in the Brazilian market. Despite the fall in Chicago, the appreciation of the dollar against the real supported prices. The producer's retraction and the heated demand contributed to the increase in internal benchmarks.
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In Passo Fundo (RS), a 60-kilo 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, prices were supported by the resistance of producers, depleting supply, and by the exchange rate. The commercial dollar rose 3.35%, closing on Thursday 19th 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 and fiscal obligations uncertainties determined the rise of the American currency.
Futures contracts expiring in November fell 3.3% in the same period on the Chicago Board of Trade. The position closed Thursday at US$ 13.20 per 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 dumped commodity positions and sought safer investments. The soybean complex also felt this pressure.
By: Dylan Della Pasqua | Crops & Market
