Porto Alegre, September 4, 2023 – The month of August was marked by a new improvement in prices in the Brazilian soybean market, continuing the positive movement registered in July. The main factors that formed domestic prices – futures contracts on the Chicago Board of Trade (CBOT) and the dollar – rose and positively influenced price formation.
A 60-kilogram bag rose from BRL 146.00 to 153.00 in August in the region of Passo Fundo (RS). In Cascavel (PR), prices went from BRL 135.00 to 142.00. In Rondonópolis (MT), they increased from BRL 123.00 to 130.00. In the Port of Paranaguá, the bag went up from BRL 145.00 to 152.00.
On the CBOT, the month was also positive. Contracts maturing in November appreciated by 2.78%, ending the period at USD 13.68-3/4 per bushel. Concerns about the productive potential of the US crop, due to the dry climate, and the good demand for soybeans in the United States ensured the recovery.
The US soybean crop is expected to total 4.11 bln bushels (111.86 mln tons) in 2023, with an average yield of 49.7 bushels per acre. The forecast was released by Pro Farmer, after its traditional crop tour, and surprised the market. The production estimate was well below that projected by the United States Department of Agriculture (USDA) in its most recent report (August), of 4.205 bln bushels (114.44 mln tons).
To complete the positive scenario for domestic prices, the dollar rose 4.68%, ending August at BRL 4.9498.
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