Even with the recent decreases, Brazilian soybean prices kept at attractive levels (higher over the same period 2007). Due to this aspect and also because of the uncertainties regarding prices for the medium term, growers increased anticipated trades of the soybean from the 2007/08 crop.
According to market agents, the volume already traded for this crop is higher over the previous year. In the Mato Grosso do Sul state, for instance, roughly 40 percent of the production was already traded until the end of January, against 35 percent in 2007.
Between Dec 28th and Jan 31st, the ESALQ/BM&F Index (product delivered in the Paranaguá port) increased 6.35 percent in Real, closing at 47.89 reals or 27.23 dollars per bag of 60 kilos on Thursday, Jan 31st. For the CEPEA/ESALQ Index (Paraná state), the increase was of 3.75 percent in Real, at 46.46 reals or 26.41 dollars per bag of 60 kilos.
Regarding the harvesting, activities are moving on in the Center-Western region of Brazil, helped by the good weather conditions.