Brazilian soybean prices reached record values in dollar (since 1997) last days. In Real, the quotations are the highest since May 2004. Between May 30th and June 13th, the CEPEA/ESALQ Index (Paraná state) increased 15.4 percent in Real, closing at 51.21 reals or 31.30 dollars per bag. For the product delivered in the Paranaguá port, the ESALQ/BM&F Index increased 15.8 percent, averaging 54.03 reals or 33.02 dollars per bag, also the highest value since May 2004 - this Index started to be published in March/2006. The support has been coming from the raises in the international market and from the highest demand.
Concerning the Brazilian soybean 2007/08 crop (corrected crop), the Conab forecasted an increase of 2.6 percent in the planted area, totaling 21.2 million hectares. The production is projected to raise 2.5 percent (1.46 million tons), at 59.85 million tons.
According to the USDA report published on June 10th, the global soybean production should enlarge almost 10 percent compared to the previous crop, totaling 240.7 million tons, a record. (Cepea - Brazil)