Real valuation worries Brazilian growers

February started with new valuations of the Real against the dollar. Between January 30 and February 7st, the Real valuated 1.74 percent in relation to the dollar, at 2.094 reals per dollar this Wednesday. Today, the exchange rate reached 2.086 reals per dollar. Values like these had occurred in May of last year and, before this, only in March of 2001 - for almost six years.

The Real valuations cause negative effects in the several domestic prices of Brazilian exporting commodities. For the soybean, this is even more significant, since around 75 percent of the Brazilian soybean production is exported.

The positive aspect is that soybean prices have been reaching high levels in the international market. In the first ten days of May/06, for instance, the FOB prices to delivery by Paranagua Port averaged 13.84 dollars per bag and the domestic value, according to the CEPEA/ESALQ Index, averaged 12.41 dollars per bag. In this end of January and at the beginning of February, the FOB price is at 16.51 dollars per bag and the domestic one, at 15.27 reals per bag.

The CEPEA/ESALQ Index (Parana state) averaged 15.34 dollars per bag of 60 kilos this Wednesday, Feb 7, up 1 percent over January 31st.


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