Soybeans retreat in Brazil despite rise in Chicago

Even with soybeans maintaining quotes above US$ 11.00 per bushel on the Chicago Board of Trade throughout November, the Brazilian market remains pressured by internal factors, such as the appreciation of the real against the dollar and the drop in premiums at the ports. Prices paid to the producer declined in various markets. According to data released by the International Center for Economic Analysis and Agricultural Market Studies (CEEMA), the 60 kg bag of soybeans was sold between R$ 118.00 and R$ 128.00 in the main producing regions, while in the same period of 2024 the values ranged between R$ 120.00 and R$ 148.00. Despite the increase in Chicago — which closed last Wednesday (26/11) at US$ 11.31 per bushel, up from US$ 11.22 the previous week —, premiums at Brazilian ports fell significantly. This movement, combined with the exchange rate decline (with the dollar quoted at R$ 5.35, down from R$ 5.80 a year earlier), reduced the competitiveness of Brazilian soybeans in the ...