Soybean drops are big in the South of Brazil

In the soybean market in the state of Rio Grande do Sul, a day of general declines of up to 4.00/bag was recorded, according to information released by TF Agroeconomia. “Rumors that the Argentine harvest may be less than 30.0 million/tons in soybeans, set the bullish tone of the day in Chicago, mainly in bran, which rose 2.50% today alone. In theory, the break in Argentina will greatly benefit the crushing companies in Rio Grande do Sul, as there will be a lot of coverage for bran shipments, via Rio Grande terminals”, he comments. “At the port, the indication of price for payment in March is R$ 175.00 on wheels at the best time. This represents a drop of R$ 2.50/bag. In the cities of Cruz Alta and Ijuí, prices were R$ 167.00 and R$ 168.00 respectively, with lows of R$ 4.00 and R$ 2.00, respectively”, he adds. Santa Catarina has prices at a standstill, while business is still very punctual. “Following some sizable gains seen throughout the past week, but without much momentum in ...