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Brazil: Soybean prices rise on high demand

Excessive rainfall has interrupted the soybean harvest in Brazil and recently it has become more difficult to supply the industry.

17 February 2022
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Excessive rainfall has interrupted the soybean harvest in Brazil and in recent days has made it more difficult to supply the processors for crushing. While foreign demand for the Brazilian product continues to grow, the dispute between agents who need to fulfill export contracts and domestic industries has intensified.

This scenario has increased export premiums and domestic prices to record levels, in nominal terms. At the national level, the ESALQ/BM&FBovespa - Paranaguá (PR) indicator for soybeans reached R$ 193.36/60kg-bag on February 4, the highest nominal value in the Cepea series that began in March 2006. Between January 28 and February 4, this indicator increased by 5.2%. The CEPEA/ESALQ Paraná indicator rose 5.5% between January 28 and February 4, reaching R$ 190.26/60kg-bag on the 4th - the highest nominal level of the series started in July 1997.

Based at the port of Paranaguá, the export premium for March 2022 had buyers at US$ 1.23/bushel and sellers at US$ 1.40/bushel on February 3. Considering March shipments, negotiated in the first two months of each year, this is the highest nominal value of the Cepea series started in June 2004.

February 7, 2022/ CEPEA/ Brazil.
https://www.cepea.esalq.usp.br

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