Porto Alegre, September 26, 2023 – Soybean prices fell in the Brazilian market, in a week marked by a slow pace of sales. With futures contracts accumulating losses on the Chicago Board of Trade (CBOT), agents backed off, and trading lost momentum.
A 60-kilogram bag went from BRL 149.00 to 144.00 in Passo Fundo (RS), according to data from SAFRAS & Mercado. In Cascavel (PR), prices fell from BRL 135.00 to 134.00. In Rondonópolis (MT), they dropped from BRL 127.00 to 124.00. In the port of Paranaguá, the bag decreased from BRL 145.00 to 144.00.
On the CBOT, the November position, the most active, accumulated a loss of 3.29% until last Friday (22), quoted at USD 12.9625 per bushel. Fundamental factors and risk aversion in the international financial market determined the fall.
The start of the harvest in the United States brings seasonal pressure to the market. Moreover, there is the prospect of a large South American crop entering the market. The increase in the competitiveness of the Brazilian product also weighed on the formation of futures prices.
The financial sector gained strength in price formation last week. The Fed signaled it may raise interest rates by the end of the year. As a result, there was a widespread decline in commodities, with capital flowing into lower-risk options.
This movement increased the value of the dollar against other currencies. In the comparison to the real, it was no different. The US currency accumulated a 1.25% high, reaching BRL 4.9319. This behavior softened the impact of Chicago on domestic prices, but not enough to boost the Brazilian physical market.
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