Soybean prices surge amid Brazilian weather woes and dollar strength

Irregular rainfall, particularly in central and southeastern Brazil, has slowed down the planting activities of the 2023/24 soybean crop. According to a survey by the Center for Advanced Studies in Applied Economics (Cepea) at Esalq/USP, this scenario, coupled with the high exchange rate of the US dollar against the Brazilian real, has led to an increase in soybean prices in the past week, consequently limiting the decline in the monthly average for September.

However, prices are still lower than those in August. On Friday (September 29th), the price of a 60-kilogram bag delivered at the port of Paranaguá closed at R$ 143.94, a 5% drop compared to 30 days earlier.

In the international market, progress in the harvest of the 2023/24 soybean crop in the United States weighed on future prices in September. Nevertheless, deteriorating crop conditions in the United States and strong demand for American soy kept prices high in the last week of the month, thus limiting the decline in the monthly average.

Source: Globo Rural

Click on the link below to see the original news report: https://globorural.globo.com/cotacoes/noticia/2023/10/preo-da-soja-sobe-devido-ao-clima-no-brasil-e-alta-do-dlar.ghtml

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