Porto Alegre, August 3, 2023 – Soybean prices recovered in July in the Brazilian market, accompanying the improvement in the external scenario. As a result, producers took advantage of the good moment and sold good volumes. The first indications for the next season are a record crop and exports of roughly 100 mln tons. In Passo Fundo (RS), a 60-kilogram bag was pegged at BRL 148.00 on the 28th, up 8.8% from the last day of June. In Cascavel (PR), prices rose 12.9% to BRL 140.00. In Rondonópolis (MT), prices advanced 9.7% to BRL 124.00. In the port of Paranaguá, the bag appreciated by 10.3% to BRL 150.00.
The better behavior of the domestic market was linked to the performance of futures contracts on the Chicago Board of Trade (CBOT). In the period, contracts maturing in August rose 3.1%, reaching BRL 14.86 per bushel. At the month’s high, prices reached USD 15.80.
The uptrend abroad stems from the weather market. Projections of low rainfall volume and high temperatures are causing the productive potential of the US crop to be revised downward. In addition, right at the opening of the month, the United States Department of Agriculture (USDA) was surprising by indicating an acreage well below that projected by the market
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