Soybean prices continue to rise in the Brazilian market. According to researchers at Cepea, the increase is driven by strong demand from China and rising external values. Many Brazilian soybean farmers remain reluctant to sell the remaining stock of the 2023/24 harvest, focusing instead on the weather conditions for the upcoming planting season.
Dry conditions persist in major Brazilian regions, with no rain expected in the short term, which could delay the start of planting for the 2024/25 crop, according to Cepea researchers. However, in August (up until the 29th), soybean prices were at their lowest level since April this year, in real terms (adjusted for inflation using the IGP-DI index from July 2024).
The current average for the ESALQ/BM&FBovespa Indicator – Paranaguá is R$ 132.98 per 60 kg bag, 3.7% lower than in July and 14% below August 2023. The CEPEA/ESALQ – Paraná Indicator shows an average of R$ 129 per 60 kg bag, reflecting monthly and annual declines of 3.4% and 11.4%, respectively.
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