Porto Alegre, September 29, 2020 – Soybean prices soared again last week in Brazil, reaching new historical levels. Despite the negative correction in Chicago, the dollar’s high, and, mainly, the lack of product guarantee price support amid a sluggish trading pace and regional commercial behavior.
Isolated demand distorts prices. Some deals were closed at BRL 156.00 per bag in the interior of Rio Grande do Sul for delivery in January. The nominal indication of BRL 150.00 was reached in several states, such as Goiás, Mato Grosso, Rio Grande do Sul, and Mato Grosso do Sul.
As for the exchange rate, the rising risk aversion in the international market strengthened the U.S. currency, which again approached BRL 5.60. The increase in coronavirus cases in Europe is concerning the market again.
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