Porto Alegre, May 7, 2026 – The Brazilian soybean market registered stronger commercialization activity in April, even as domestic prices remained largely stabilized and still pressured from the producer’s perspective. Port quotations continued near R$ 130 to R$ 131 per sack, while producers increased sales in search of cash flow and to meet financial obligations.
Business volumes improved throughout the month, although trading conditions remained challenging. Longer payment terms became more frequent in the market, reflecting the shorter export shipping window in May. Physical prices continued moving within a narrow range of approximately R$ 1 to R$ 2, indicating limited room for significant appreciation in the short term.
Producers also continue weighing carrying costs, including storage expenses, technical losses and opportunity costs. The longer soybeans remain stored, the less attractive the financial equation becomes, especially in a market where gains remain restricted despite a more positive tone in Chicago.
On the Chicago Board of Trade (CBOT), soybean futures have started to show more consistent technical buying signals after several weeks of sideways trading. Nearby contracts once again tested the US$ 12.00 per bushel level, considered an important resistance zone by the market.
Analysts indicate that a break above this threshold could trigger additional buying orders and accelerate upward momentum. Even so, the main resistance remains between US$ 12.40 and US$ 12.50 per bushel, an area viewed as the next major technical barrier for the market.
Despite this firmer tone in Chicago, other factors continue limiting gains in Brazil’s physical market. Export performance remains robust, with shipments running around 2 million tons above the same period last year, supporting premiums for the second half of the year.
At the same time, expectations persist for a more consistent return of China to the U.S. soybean market during the second half of the year, which could influence the pace of Brazilian exports going forward.
The domestic processing industry continues operating under a scenario of ample supply. Soybean meal exports reached record levels in April, while soybean oil exports also remain strong, supported in part by delayed harvesting in Argentina, which has reduced Argentine participation in the global market.
Processing margins remain attractive, particularly in the domestic market, supported by firm demand for soybean meal and oil. Compared to exports, domestic crushing margins continue offering better returns, although export margins are also significantly stronger than those observed during the same period of 2025.
Commercialization of Brazil’s 2025/26 soybean crop reached approximately 55.2% of expected production. Although still below both last year’s pace and the five-year average, April recorded a significant increase in producer selling activity.
In absolute terms, around 98.2 million tons have already been commercialized. Of this total, exports and vessel nominations account for approximately 53.8 million tons, while the remaining volume is expected to be absorbed mainly by the domestic processing industry.
Forward sales for the 2026/27 crop remain slower, reaching around 6.1% of expected production, below both last year’s pace and the historical average. Market attention toward new-crop commercialization is expected to increase from July onward, when forward pricing opportunities become more relevant.
THE AGRIBUSINESS ECOSYSTEM
FROM BRAZIL AND LATIN AMERICA
