After operating at the lowest levels in three years with a record crop, soybean prices reacted in Brazil, with firmer demand and gains in the Chicago market, according to an analysis by the Center for Advanced Studies in Applied Economics (Cepea). On the spot market, the Esalq/BM&FBovespa – Paranaguá soybean indicator rose 1.7% from April 27 to May 4, to BRL 138.49/60 kg/bag. “Stronger demand and the Brazilian soybean producers’ retreat halted the downward trend. National agents are aware of the greater appetite of the global market this season and the low soybean productivity in Argentina, which could reach the lowest harvest in 24 seasons,” said the analysis.
Sources: Reuters/Forbes Brasil (*Translated by ia Niani)