The increase of corn futures at the Chicago Mercantile Exchange (CBOT) has been boosting Brazilian soybean prices, even in the middle of corn harvest period in Brazil. In the accumulated of February, the CEPEA/ESALQ Index upped 2.76 percent in Real or 2.96 percent in dollar, closing at 33.16 reals or 15.64 dollars per bag of 60 kilos last Wednesday - the highest value since November 2006. At the CBOT, the contracts May and July closed at more than 8 dollars per bushel and the contract March at 783.75 cents of dollar per bushel, the highest value since July 2004.
The attentions are now on the futures crop, especially on the 2007/08 crop, which should be planted in the United States from May on. For the next ten years, the United States Department of Agriculture (USDA) report, published in the middle of February, shows a reduction in the soybean planting area in the United States at the 2007/08 crop and an enlargement of the corn crop area, which should be planted from April on.