Brazilian prices follow domestic bases

After decrease more than 7 percent in the first fortnight of August, Brazilian soybean prices closed the month almost stable. The CEPEA/ESALQ Index (Paraná state) downed slight 0.5 percent in Real from July 31st to August 29th, closing at 46.66 reals or 28.58 dollars per bag of 60 kilos on Aug 29th. For the product delivered at Paranaguá port, the Index was of 48.85 reals or 29.91 dollars per bag of 60 kilos, down 0.65 percent in Real during the month.

As normally occurs in this period of the year, Brazilian soybean prices start to move more according to the domestic bases than to international ones (CBOT). Growers keep retreated, once they are not in need of cash and because of the strong oscillations in the international values. The low inventories also supported domestic prices at the end of August.

According to the Seab (Paraná state Agriculture Secretariat), 90 percent of 2007/08 crop was already traded in Paraná state. In Mato Grosso state, the Imea (Institute of Mato Grosso - Agricultural Economics) showed that 95 percent of the total was commercialized. Concerning the Brazilian production in the next crop (2008/09), roughly 25 percent were traded. (Cepea - Brazil)

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