Porto Alegre, July 2th, 2024 – June was negative for most prices and soybean trading in the main regions of the country. Despite the sharp high in the dollar, futures contracts plummeted in Chicago and had a major impact on the composition of internal prices.
Despite the losses induced by excessive rainfall in Rio Grande do Sul, the fundamental global scenario continues to indicate slack in supply and demand. So far, even with high temperatures and some flooding, the weather market is weighing on Chicago, and there is no record, for now, of consistent losses in terms of production in the US growing belt.
In Brazil, a 60-kilogram bag fell from BRL 141.50 to BRL 141.00 in Rio Grande (RS) in June. In Cascavel (PR), prices dropped from BRL 132.00 to BRL 131.00 over the month. In Rondonópolis (MT), prices increased from BRL 125.00 to BRL 126.50. In the Port of Paranaguá, a bag went from BRL 140.00 to BRL 141.00.
On the Chicago Board of Trade (CBOT), contracts expiring in November accumulated a loss of 6.79% in June, being quoted at USD 11.04 per bushel at the close of Friday (28). The good development of US crops weighed on prices for most of the month.
The internal decline in the oilseed prices was not greater due to the exchange rate factor. The dollar surged in June, accumulating an increase of 6.49% and closing at BRL 5.59 on Friday (28). Fears of fiscal imbalances in the Brazilian government and President Lula’s speeches about the Central Bank’s monetary policy boosted the US currency.
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