Brazilian soybean prices kept moving up during the first fortnight of November, boosted by the international values and by the low volume of product in stock. Growers were focused on planting activities, which are slight late.
The good weather conditions have helped the planting advance. In Parana state, until Monday, Nov 5th, 54 percent of the total area was cultivated, progress of 10 percent in eight days, according to the Seab (Parana Agriculture Secretariat). For the Rio Grande do Sul state, until the beginning this year, 9 percent of the area was planted, against the 10 percent in the same period last year and 14 percent in the average from 2003 to 2007.
According to Conab (National Company for Food Supply), Brazilian soybean cultivated area should increase 2.5 percent, to 21.2 million hectares. In this context, the crop production should be 1.7 percent higher than the previous one, reaching 59.4 million tons. The productivity, in turn, should remain stable.
The CEPEA/ESALQ Index (Parana state) valuated 4.14 percent in Real during the first fortnight of this month, closing at 42.01 reals or 24.23 dollars per bag of 60 kilos on Nov 14th. For the product delivered in the Paranagua port, the ESALQ/BM&F Index upped 3 percent in Real in the same period, at 43.57 reals or 25.13 dollars per bag of 60 kilos.
Regarding Brazilian exports, the Secex (Foreign Trade Secretariat) forecasted the soybean volume traded at 2.02 million tons in October, almost stable over the one exported in September. Between January and October this year, exports totaled 22.4 million tons, volume 4.7 percent inferior to that of the same period last year.