Higher external demand boosts domestic prices

Even with the harvesting progress in main Brazilian soybean producing regions, domestic prices kept moving up during the second fortnight of March. The support came from increasing international quotations, once Argentina interrupted exports. However, in general terms, a lower number of trades were settled. Growers were retreated, betting on higher figures.

The CEPEA/ESALQ Index (Paraná state) valuated 2.5 percent from Mar 16th and 31st, closing at 45.95 reals or 19.82 dollars per bag of 60 kilos. For the product delivered at Paranaguá port, the ESALQ/BM&FBovespa Index rose 3.47 percent, to 48.82 reals or 21.06 dollars per bag. In Mato Grosso state, the main Brazilian soybean producer, Cepea was estimates that 42 percent of the total production had been already commercialized - however, there was no official data.

In Brazilian fields, the lack of rain was concerning growers from Rio Grande do Sul and Santa Catarina states, where grains were in development. In other regions, the harvesting was moving on, favored by the weather conditions. In the northern region of Paraná state, activities reached 95 percent. At the Chicago Mercantile Exchange (CBOT), futures increased, boosted by stock market and the oil valuation. (Cepea - Brazil).

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