News

Soy accumulates a drop of 8% in Chicago only in 2024 and new businesses in BR remain scarce

Soybean
Brazil
Market & Price Trends
Published Feb 20, 2024

Tridge summary

Brazil is currently holding 105 to 110 million tons of unsold soybeans from the 2023/24 harvest, causing pressure on prices in both the Chicago and national markets. Despite slow sales and unattractive prices for sellers, the demand for oilseeds in Brazil is expected to remain strong. This is due to positive pig farming margins in China and a rise in the crushing margin, caused by increasing soybean meal prices and a drop in soybean prices on the international market.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Brazil still has 105 to 110 million tons of soybeans from the 2023/24 harvest that have not been sold, says market consultant Vlamir Brandalizze, from Brandalizze Consulting. With much still to be harvested, this considerable volume of product is, little by little, reaching the market and helping to put pressure on prices not only in Chicago, but also in the national market, weighing on premiums and final prices internally, whether in the counter or batch. With CBOT not operating this Monday, prices were only nominal in the Brazilian market, according to the consultant. At the counter, the references tested close to R$ 107.00 per bag in the Missões region, while they were R$ 110.00 in the vicinity of the port of Rio Grande. From the interior of Minas Gerais to Ponta Grossa, in Paraná, prices range from R$95.00 to R$107.00. If deals were cold on the counter, on the lot market, even more so. In addition to the lack of Chicago and the negative premiums, the dollar opened the week ...
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