Soy exports accelerate due to declining prices and fear weakened dollar exchange rate.

Of the approximately 2 million tons of soybeans traded by Brazilians in the last two weeks, an acceleration in volumes was noted in the last three days.

The declining prices and the fear of a greater fall in the dollar have already set the tone for new sales since the beginning of the month, according to Money Times.

With the push for news of a higher Selic rate, as confirmed this Wednesday, and the usual bearish reflex on the American currency, producers did not waste time.

The Chinese take advantage of the sale.

There is still no accounted information of the latest movements, but the analyst and consultant Vlamir Brandalizze noticed this race in conversations with its clients and partners.

Malaysian palm oil oversupplied the market, knocked down soy oil, and the grain followed suit.

On June 17, Chicago’s July and August variations show losses of 36 to 40 points, renewing record lows, and price quotes at between $13.50 to 14.20 a bushel.

“But the pressure is great because the climate in the United States tends to improve in some important states that still have little rain and the crops, almost 100% closed, are germinating or developing”, he says.

There may even be a loss of quality, but overall American producers are satisfied.

In Brazil, the available soybeans also plummeted. From R$ 180 to R$ 190 the bag observed in March, is being negotiated at R$ 160.

Source: Money Times

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