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Cepea, April 17, 2024 – Soybean trades moved at a good pace in Brazil in mid-April, influenced by the high demand, especially from abroad. This scenario boosted export premiums in the country, which resumed being at positive levels, a scenario that has not been observed for eight months. The dollar valuation against Real led Brazilian commodities to be more attractive to importers – the dollar quotation averaged BRL 5.186 on April 15, for an increase of 3.5% compared to March 28.
Soybean prices increased in the domestic market in the first 15 days of the month. From March 28 to April 15, the ESALQ/BM&FBovespa Index (Paranaguá) upped 2.72%, closing at BRL 127.42 per 60-kg bag on April 15. The CEPEA/ESALQ Index (Paraná) increased 2%, to close at BRL 122.04 per 60-kg bag.
Price rises for soybeans are also related to data indicating lower production in Brazil. Conab says that the crop is likely to hit 146.52 million tons, 5.2% down compared to the previous season and 0.23% below the projection released in March. The USDA, in turn, keeps the estimate for production in Brazil at 155 million tons.
EXPORTS – Brazilian soybean shipments moved at a good pace in the first quarter of this year, a result of term contracts closed in 2023. Data from Secex indicate that exports totaled 22.09 million tons in the first quarter, a record for the period and 15.7% up in relation to that observed in the same period of 2023. In March alone, Brazil shipped 12.6 million tons, for an increase of 91% compared to February/24, but downing 4.6% in relation to March/23.
Although the volume increased, the average price received for international sales was BRL 136.30/60-kilo bag in the first quarter of 2024, the lowest for the period since 2019, in real terms (values were deflated by the IGP-DI March/24).
(Cepea-Brazil)
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Fonte: Cepea