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Cepea, February 19, 2024 – Producers from the United States have been increasing the interest to grow soy in the 2024/25 crop instead of corn. This scenario may be linked to the price relation between these two products – the soy advantage over corn has been above-average since 2000, which is verified despite high stocks and low soybean prices in the current season. Therefore, soy prices in the US may be low in the next crop-year, which would tend to be transferred to other producing countries.
Considering the first contracts of soybean and corn at CME Group, it is verified that, between the beginning of 2000 until February 15, 2024, the price relation average indicates that soy values are 2.5 above corn quotations.
In the same period, the lowest price relation is 2.02, in the 2010/11 season. The highest relation (3.08), in turn, was observed in 2003/04 and 2013/14 crops. In the current 2023/24 season, it is at 2.75, higher than the average over the last 20 years, which highlights the soy attractiveness in relation to corn.
(Cepea-Brazil)
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Fonte: Cepea