Quiet Day in Brazilian Soybean Market
The soybean market in Brazil experienced a subdued day with isolated operations recorded in negligible volumes. Uncertainty in Chicago’s movements and exchange rates halted negotiations, resulting in isolated deals and minimal volumes.
Chicago Trading
Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed higher on Thursday, extending the momentum triggered yesterday. Concerns over excessive rainfall in Argentina prompted speculators and funds to cover short positions. Net soybean exports from North America during the week ending March 14 for the 2023/24 season, which began on September 1, totaled 494,000 tons. China led imports with 304,400 tons. For the 2024/25 season, there was an additional 300 tons. Analysts anticipated exports to range between 300,000 and 1.150 million tons when both seasons are combined.
Anticipation for USDA Report
Agents are also awaiting the U.S. Department of Agriculture’s (USDA) planting intentions report, scheduled to be released on Friday, for better positioning.
Closing Prices
Soybean contracts for delivery in May closed at $12.12 per bushel, up 2.50 cents or 0.20%. The July position settled at $12.25 3/4 per bushel, gaining 2.50 cents or 0.20%.
Other Commodities
In other derivatives, the May wheat bran position closed at $344.30 per ton, up 1.80 cents or 0.52%. Meanwhile, contracts expiring in May for crude oil closed at 48.79 cents per barrel, down 0.21 cents or 0.42%.
Currency Exchange
The commercial dollar session concluded with a 0.10% increase, trading at 4.9791 R$ for selling and 4.9771 R$ for buying. Throughout the day, the North American currency fluctuated between a minimum of 4.9503 R$ and a maximum of 4.9850 R$.
Soybean Prices Across Brazil
Soybean prices in different regions of Brazil (per 60 kg bag in R$):
- Passo Fundo (RS): 120
- Missions Region (RS): 119
- Rio Grande Port (RS): 128
- Cascavel (PR): 120
- Paranaguá Port (PR): 127
- Rondonópolis (MT): 113.50
- Dourados (MS): 112
- Rio Verde (GO): 110.50