November was marked by a few deals and weaker, nominal and regional prices in the Brazilian soybean market. Growers kept their attention focused on the planting and initial development of the biggest crop in the country’s history – should the weather remain favorable. In Chicago, contracts reacted to the planting delay in Brazil and Argentina and the weather forecast for December. Currency volatility after the presidential election in Brazil also brought volatility to the formation of internal prices. At the end of November, between ups and downs, the dollar had a slight appreciation against the Brazilian currency, which did not prevent the retreat in internal prices.
In Passo Fundo (RS), a 60-kilogram bag fell from BRL 183.00 to 179.00 in the period. In Cascavel (PR), prices dropped from BRL 180.00 to 174.50; in Rondonópolis, from BRL 171.00 to 164.00; and at the Port of Paranaguá, from BRL 187.00 to 181.00.
The January contracts rose 4.44% on the Chicago Board of Trade (CBOT) in the period, pegged at USD 14.695 per bushel. The dollar, after many fluctuations, had an accumulated high of 0.69%, ending the month at BRL 5.20.