Brazilian soybean prices had another negative week
Soybean prices plummeted last week in the Brazilian physical market, following the sharp drop in futures contracts on the Chicago Board of Trade (CBOT). The dollar rose, but not enough to hold back the negative impact of Chicago. With the retreat, traders moved away, and trading practically stopped.
The 60-kilogram bag dropped from BRL 197.00 to 188.00 in the period in Passo Fundo (RS); in Cascavel (PR), from BRL 196.00 to 185.50; and in Rondonópolis (MT), from BRL 177.50 to 173.00.
In the port region, the behavior was similar. The bag plummeted from BRL 201.00 to 192.00 in Paranaguá. Premiums showed some reaction late last week, amid the tightening of supply, but the movement did not ease the pressure exerted by Chicago.
On the CBOT, the climate of risk aversion in the financial market and the fear of a global recession, compromising consumption, determined the sharp lows. Contracts maturing in July devalued 5.36%, ending Friday (24) at USD 16.10 per bushel. The favorable climate for US crops contributed to the fall, in a market that was overvalued.
The dollar rose 2.06% in the period, reaching BRL 5.252. The financial scenario contributed to the rise. Internally, the US currency was boosted by doubts about the meeting of fiscal targets by the government.
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