Prices oscillate in the first half of June, but end the period on the rise in Brazil

Cepea, June 17, 2020 – The end of the soybean harvesting in Argentina, high inventories and favorable weather in the United States and the dollar depreciation against Real pressed quotes down in Brazil in the first fortnight of June. However, the downward trend of prices was limited by both low inventories at Brazilian processors and the fact that soybean growers were refrained from trading large batches. It is important to mention that most of the 2019/20 and the 2020/21 crops have already been traded. Players surveyed by Cepea say that the volume already sold is a record when compared to that in the same period of previous years.


Between May 31 and June 15, the ESALQ/BM&FBovespa Index in Paranaguá (PR) remained stable (+0.7%), to 108.26 BRL (21.02 USD) per 60-kilo bag on June 15. The CEPEA/ESALQ Index in Paraná rose by 1.5%, to 101.92 BRL (19.79 USD) per 60-kilo bag. The dollar decreased by 3.5%, to 5.15 BRL on June 15.


As for the by-products, prices decreased in Brazil too. Soybean oil values were pressed down by lower domestic and international demands. Considering soybean meal, purchasers claimed to have inventories for 15 days, and, thus, lower demand pressed down quotes.


EXPORTS – In May, China, a major global purchaser of soybean, imported 11.09 million tons of the product from Brazil, a record for a month, and accounting for 71.52% of the total volume sold in that period.


The number two destination for the Brazilian soybean, the Netherlands, also imported a historical volume in May, totaling 940.12 thousand tons, only lower than the amount registered in April 1997 (971.85 thousand tons). Therefore, Brazilian soy exports hit a record in May, totaling 15.51 million tons, according to data from Secex.


As for soybean imports, from January to May, Brazil imported 182.51 thousand tons of soybean, 26.53% more than the volume purchased in the entire year of 2019. The major purchaser was Paraguay.





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