Brazil: More declines for soybeans in the South

The soy market in the state of Rio Grande do Sul started the week with general drops of up to R$ 2.50/sack, business remains at a standstill, according to information released by TF Agroeconomia. “The long queues in Paranaguá are causing some trading companies to turn over ships that were originally going to go there, to Rio Grande”, he comments. “As a result, two events occur: a) More soy deals end up in PR and MS, destined for Rio Grande. b) Traders try to buy some position of old soybeans in RS, pushing prices to levels that don't make sense for a normal export account. But the account becomes the local price x eventual demurrage”, he adds. Santa Catarina marked a drop of R$ 2.00/sack in the port, without further business. “Prices continue to mark consecutive declines while pressured by increasing supply and falling premiums. In this period of lower prices, few deals are made further south. In the port of São Francisco do Sul, the price was R$ 167.50 for March with delivery ...