Market Overview in Brazil
While certain regions in Brazil are witnessing robust trading activities, the overall progress remains sluggish. Despite stronger movements observed in states like Mato Grosso do Sul and Minas Gerais, the soybean market in Brazil experienced a slow pace of business this Thursday (4). Commercialization at ports was moderate, marked by a significant disagreement between buyers and sellers leading to price declines due to movements in Chicago and the dollar. However, despite the need for warehouse space, producers preferred not to negotiate at current prices.
Current Soybean Prices
Here are the prices for a bag of soybeans today:
- Passo Fundo (RS): Decrease from 119.50 R$ to 118 R$
- Missões (RS): Decrease from 119 R$ to 117 R$
- Rio Grande Port (RS): Decrease from 126.50 R$ to 126 R$
- Cascavel (PR): Stable at 118 R$
- Paranaguá Port (PR): Decrease from 126.50 R$ to 125 R$
- Rondonópolis (MT): Decrease from 113.50 R$ to 113 R$
- Dourados (MS): Decrease from 113 R$ to 111 R$
- Rio Verde (GO): Decrease from 115 R$ to 110 R$
Soybeans at the Chicago Board of Trade
Soybean futures contracts traded at the Chicago Board of Trade (CBOT) closed Thursday with higher prices. The increase in oil prices and the depreciation of the dollar against other currencies ensured the recovery of contracts, favoring agricultural commodities.
Market Closure and Outlook
In the afternoon, the global financial market showed a tendency to avoid less risk, supporting the technical recovery in soybeans. However, the fundamental scenario remains unfavorable.
Competition and USDA Weekly Export Data
Competitive prices in South America are diverting China’s demand to Brazil and Argentina. This Friday (5), the United States Department of Agriculture (USDA) will release its weekly export data, with the market betting on figures ranging from 250,000 to 700,000 tons.
Contract Closures
- May delivery soybean contracts closed at $11.82 per bushel, up 0.7% or 8.25 cents.
- July contracts were set at $11.95 1/4 per bushel, with a gain of 0.63% or 7.50 cents.
- May bran position closed at $330 per ton, up 0.51% or $1.70. In the oil market, contracts expiring in May closed at 48.85 cents, up 0.51% or 0.25 cents.