Brazil’s soybean market recently faced a day of mixed price trends due to varying market forces.
The Chicago market’s rise and the dollar’s significant fall influenced these changes. Notably, there weren’t many business deals during this period.
Soybean prices varied across different Brazilian regions. In Passo Fundo (RS), the price for a 60-kilogram sack went up from R$ 147 ($30) to R$ 150 ($30.61).
In the Missions region, it increased from R$ 146 ($29.80) to R$ 149 ($30.41) per sack. At the Port of Rio Grande, prices climbed from R$ 153 ($31.22) to R$ 155 ($31.63).
In Cascavel, Paraná, the rate for a sack rose from R$ 134 ($27.35) to R$ 136 ($27.76). At the Paranaguá port (PR), the value grew from R$ 144 ($29.39) to R$ 146 ($29.80).
In Rondonópolis (MT), prices moved up from R$ 126 ($25.71) to R$ 127 ($25.92). In Dourados (MS), the rate rose from R$ 126 ($25.71) to R$ 127 ($25.92).
Lastly, in Rio Verde (GO), the price for a sack increased from R$ 127.50 ($26.02) to R$ 128 ($26.12).
Meanwhile, soybean futures on the Chicago Board of Trade (CBOT) closed higher on Monday.
The market’s recovery was driven by improved weather conditions in Brazil, rising oil prices, and the dollar’s weakening against other currencies.
This combination improved the competitiveness of U.S. export products.
USDA Figures
U.S. soybean export inspections totaled 1,609,413 tons for the week ending November 16, according to the United States Department of Agriculture (USDA).
This was a decrease from 1,940,079 tons the previous week.
For January delivery, soybean contracts ended higher at $13.67 1/4 per bushel, up by 27.00 cents or 2.01%.
The March position closed at $13.83 1/4 per bushel, a gain of 26.75 cents or 1.97%.
In soybean by-products, the January meal position closed higher at $442.30 per ton, up by $6.80 or 1.55%.
January oil contracts closed at 52.39 cents per dollar, an increase of 1.18 cents or 2.3%.
The commercial dollar concluded the session with a 1.10% decrease, trading at R$ 4.8510 for sale and R$ 4.8489 for purchase.
The U.S. currency experienced a daily range between R$ 4.8468 and R$ 4.9060.
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