Soybean prices drop in Brazilian spot market amid external pressures
Sep, 26, 2023 Posted by Gabriel MalheirosWeek 202338
Soybean prices in the Brazilian spot market declined over the past week. According to researchers from the Center for Advanced Studies in Applied Economics (Cepea), this downward pressure was primarily driven by the depreciation of the oilseed in the international market.
In the United States, despite soybean supplies being at their lowest in four years, the harvest is progressing at a rapid pace, a factor that is putting pressure on grain prices.
Furthermore, the strengthening of the dollar against the real (making U.S. commodities less attractive to importers) and weak external demand have further reinforced the downward price trend.
According to Cepea, on Friday (September 22), a 60-kilogram bag at the Port of Paranaguá (PR) was priced at R$144.12, marking a 4.88% decline compared to the price 30 days prior.
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