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Cepea, July 2, 2024 – There were only some players operating in the soybean market in late June. While some consumers claimed to have stocks in the mid-term, many producers were unwilling to trade large amounts – they were focused on the dollar valuation against Real (+6.3% in June), which tends to attract importers to Brazil. Another reason for players to be away from closing deals is the possible increase in the international demand for Brazilian products – the crushing industry union in Argentina announced to be on strike at the end of June.
Prices remained firm due to the dollar valuation. The ESALQ/BM&FBovespa Index (Paranaguá) moved up 1.56% from May 31 to June 28, closing at BRL 139.94 per 60-kg bag on June 28. The CEPEA/ESALQ Index (Paraná) rose 0.92% in the same comparison, to close at BRL 134.50 per 60-kg bag.
Price rises in Brazil were limited by expectations of high stocks. Players surveyed by Cepea say there are batches from the previous season stocked. Data from the USDA indicate that initial stocks in the 2023/24 crop in Brazil were a record, at 36.81 million tons. This scenario pressed down export premiums in the country.
HOST-FREE PERIOD – Some regions in Brazil are likely to start the 2024/25 sowing activities earlier this crop. Embrapa indicated that the host-free period was readjusted, allowing the anticipated planting in many regions in Brazil.
(Cepea-Brazil)
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Fonte: Cepea