Firm market even with harvest activities

Brazilian soybean prices moved up last days, even with the start of harvest activities. The CEPEA/ESALQ Index (Parana state) increased 0.73 percent in the accumulated of January, closing at 15.09 dollars per bag of 60 kilos. The support comes from the increasing international prices at the Chicago Mercantile Exchange (CBOT).

FOB prices of soybean to be delivered from February until May of this year, by the Paranagua port, have kept stable since the second fortnight of November. In previous years, FOB prices usually decrease from February to May, when exports were concentrated in Brazil.

This Thursday, Jan 18, for example, the FOB price to deliver in February by the Paranagua port averaged 271.46 dollars per ton. For March deliveries, the value was calculated at 269.62 dollars per ton and at 270.63 dollars per ton to be delivered in April and May. In the same day of 2006, the difference between the soybean FOB price to be delivered in February and May was of 9.50 dollars per ton and, in January 18 of 2005, this difference was of 30.50 dollars per ton. These numbers show that nowadays to settle contracts to be delivered in the first expiring month or in May does not make a big prices difference (in dollar).

According to the National Company for Food Supply (Conab) report, published on January 11, soybean cultivated area in 2006/07 crop should reduce 7 percent over the previous crop, totaling 20.7 million hectares.


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