High levels at CBOT support Brazil and Argentina

The North-American soybean planted area in the 2007/08 crop should reduce, according to the USDA report published in the last week. The cultivated area should total 67.14 million acres, 11.2 percent lower than the previous crop.

From now on, prices should oscillate according to weather conditions in the United States. The soybean market had already absorbed higher values, due to the forecast of lower US crop area, confirmed last Friday. This supports figures in Brazil and Argentina, which are harvesting the 2006/07 crop production.

The harvesting period has been pressuring the domestic values. However this decrease has been soften by the high international values.

In March, Brazil harvests around 39 percent if the national crop production. In the accumulated of the month, the CEPEA/ESALQ Index (delivered in Parana state) decreased 6 percent in Real and 3.3 percent in dollar, averaging 31.15 reals or 15.12 dollars per bag of 60 kilos this Friday, Mar 30th. Harvest activities have been developing in good conditions.

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