Weather supports upward trend in Brazil

Brazilian soybean prices moved down at the end of January, pressed by the decreasing international values and the Real valuation against the dollar. Between Jan 23rd and 30th, the CEPEA/ESALQ Index (Paraná state) dropped 4.2 percent in Real, closing at 48.85 reals or 21.10 dollars per bag of 60 kilos on Friday. In the month, however, the Index accumulated an increase of 4.5 percent in Real. For the product delivered at Paranaguá port, the devaluation was of 4.3 percent in seven days, to 50.53 reals or 21.83 dollars per bag, resulting in an increase of 2.49 percent in Real during the month.

In January, soybean prices oscillated significantly, following uncertainness about the weather in the South America, especially in the South of Brazil and in Argentina. Moreover, buyers were more willing to settle anticipated trades, because of the reduction in Argentine crop. Growers intensified anticipated trades, aiming to obtain revenue for paying inputs used in current crop.

Rainfalls kept reaching all producers regions of Brazil, Argentina, Paraguay and Uruguay. The volume of rains is good, however, not enough to recover the productivity. (Cepea - Brazil)

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