Porto Alegre, Septembro 2nd, 2024 – Soybean prices saw mixed behavior in August, a month marked by a slow business pace. Agents took advantage of occasional highs to trade in a bearish scenario. Overall, both the dollar and the CBOT futures contracts fell.
A 60-kilogram bag opened August at BRL 132.00 and closed at BRL 132.00 in Passo Fundo (RS). In Cascavel (PR), prices rose from BRL 129.00 to BRL 134.00. In Rondonópolis (MT), prices went up from BRL 126.00 to BRL 131.00. In the Port of Paranaguá, the bag opened the month at BRL 138.00 and closed at BRL 139.00.
On the Chicago Board of Trade (CBOT), contracts maturing in November fell by 2.2% over the month, closing at USD 10.00 per bushel on Friday, the 30th. For much of the month, the most traded position was below USD 10.00.
The pressure on Chicago is being exerted by the good development of US crops. The weather has benefited soybeans in the current season and, with the harvest about to start, expectations are positive regarding production, which should be the largest in history.
According to Pro Farmer, US production should total 4.74 bln bushels (129 mln tons) in 2024, with an average productivity of 54.9 bushels per acre. The forecast was released by the entity after its traditional crop tour, between August 19 and 23.
The production estimate indicated was above that projected by the United States Department of Agriculture (USDA) in its most recent report, of 4.589 bln bushels (124.89 mln tons). USDA is projecting yield at 53.2 bushels per acre.
The dollar also fell in August compared to the real but remains at high levels. At the close of last Friday (30), the currency was quoted at BRL 5.63, down 0.38% from July. However, during the period, the currency fluctuated significantly, with peaks above BRL 5.80, which favored specific deals and contained the decline in soybean prices in the physical market.