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Cepea, April 3, 2024 – Soybean oil prices increased in the Brazilian market in late March, influenced by the higher demand, especially from the food industry. Players are trying to guarantee having the product for the mid-term, since there are expectations of an increase in the biodiesel production in Brazil. It is worth noting that the soybean oil is the major raw material to produce biodiesel in Brazil, accounting for roughly 70%.
The biodiesel mixed into diesel oil is currently at 14% in Brazil, but it can increase to 25%.
The value of soy oil rose 7.1% between February 29 and March 28, at 5,192.41 BRL per ton (in São Paulo city with 12% ICMS) on March 28. The average in March was BRL 5.098,00/ton, for an increase of 6.3% in relation to that in February, but downing 16.7% compared to March/23.
Soybean meal prices, in turn, are moving down. In order to meet the demand for oil, the volume of soybeans crushed may increase, resulting in a surplus of soybean meal. Moreover, the supply recovery in Argentina can limit Brazilian exports of this byproduct. In the domestic market, consumers were buying only small amounts of soybean meal in late March, expecting better opportunities to trade in the next periods.
On the average of the regions surveyed by Cepea, soymeal prices dropped 5.3% comparing February and March.
SOYBEANS – From February 29 to March 28, the ESALQ/BM&FBovespa Index (Paranaguá) rose 7.44%, closing at BRL 124.04 per 60-kg bag on March 28. The CEPEA/ESALQ Index (Paraná) upped 8.05%, to close at BRL 119.61 per 60-kg bag.
HARVEST – Conab indicates that 66.3% of the national area had been harvested up to March 24, against 69.1% one year ago.
(Cepea-Brazil)
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Fonte: Cepea