The external demand for Brazilian soybean meal has increased again, leading national exports to reach the highest volume since 2004. This scenario triggered some factors, such as the increase in export premiums, the drop of supply of large lots by industries in the national spot, as well as increased domestic price of soybean meal. According to data from Secex, Brazil exported 1.987 million tons of soybean meal in July, the largest amount since June 2004, whereas foreign sales totaled more than two million tons. On the other hand, Soy oil prices have dropped again in recent days, and Soybean prices were unsteady last week. Higher prices are due to low stocks in the 20/21 harvest, also the appreciation of the dollar, and the rise in premiums. Aware of the good progress of North American crops, several Brazilian producers increased the supply of soybeans in the national spot, by increasing the liquidity and pressing prices.
Sources: CEPEA/Noticias Agrícolas (*Translated by Ia Niani)