Porto Alegre, December 10th, 2024 – The Brazilian soybean market registered another week of slow business pace, with difficulty in defining price levels, reflecting a wide gap between buyers and sellers. In the international market, soybean contracts in Chicago showed a moderate reaction, while the dollar slightly declined, remaining at around BRL 6.00.
In Brazil, growers are monitoring the final phase of planting and, so far, expectations remain favorable. With the weather cooperating, crops are developing satisfactorily, reinforcing the projection of a record crop, above 170 mln tons.
According to a report from Safras & Mercado, through December 6, the trading of Brazil’s 2023/24 soybean crop had already involved 95.6% of the estimated production. In the previous report, with data from November 8, the number was 92.6%. In the same period last year, the rate was 92.7%, and the five-year average for this period is 95%.
With a projected crop of 171.78 mln tons, early trading reached 31.2%, equivalent to 53.6 mln tons. In the same period in 2023, early trading was at 27%, and the historical average for the period is 35.5%. In the previous report, this number was 28.2%. This performance indicates a trend of progress in negotiation, although still below the average of recent years.
Safras News