The Brazilian soybean market faces low sales amid climate and planting issues

Published 2024년 10월 16일

Tridge summary

The Brazilian soybean market is experiencing a slowdown in commercial transactions due to the focus on weather conditions and planting progress in key regions, as well as fluctuations in exchange rates and Chicago Stock Exchange prices. Despite signs of strong demand in the US, where soybean crushing has exceeded expectations, the recovery of prices is limited due to forecasted rain in Brazil and the progress of the US harvest. The USDA reported that 67% of the soybean harvest area has been harvested as of October 13, with the commercial dollar down 0.26% and the dollar index down 0.02%. Asian and European stock exchanges are trading mixed, and oil prices are low.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Brazilian soybean market is currently monitoring weather conditions and the progress of planting in the country's main producing regions. In this scenario, commercial transactions take a secondary position, especially due to fluctuations in exchange rates and on the Chicago Stock Exchange, which influence domestic prices. On Tuesday, contracts in Chicago showed a slight recovery, while the dollar showed a downward trend. Last Tuesday, the volume of business in the soybean market was reduced, with prices fluctuating in a mixed manner. The dollar showed an increase, while the Chicago Stock Exchange registered a decrease. This slowdown in business is largely attributed to the concentration of producers in planting. In Passo Fundo (RS), the price of a 60-kilo bag fell from R$133.00 to R$132.00. In the Missões region, the price fell from R$132.00 to R$131.00. In the Port of Rio Grande, the price dropped from R$140.00 to R$139.00. In Cascavel, Paraná, the bag depreciated from ...

Source: Portal Do Agronegocio