Stable, but high prices

In May, soybean prices kept stable in the domestic and international markets, showing equilibrium between the supply and the demand. The CEPEA/ESALQ Index (Paraná state) downed only 0.5 percent, averaging 44.70 reals or 26.93 dollars per bag in the month, more than 48.6 percent superior to May/07. In general terms, growers keep retreated, betting on new raises.

At the Chicago Mercantile Exchange (CBOT), quotations for the first expire increased 4.7 percent in May, averaging 13.33 dollars per bushel, value 72 percent higher compared to the same period last year.

In general terms, the soybean market finishes May in an undefined scenario. The low global stocks and the inferior supply in Argentine should boost prices. However, forecasts of a higher North-American production have been limiting the upward trend. In the North Hemisphere, agents are turning their attentions to the planting of the 2008/09 crop. In Brazil, activities should start only in September/October. (Cepea - Brazil)

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