nav Searchuser
Maxunitech Inc.
Beijing Multigrass Formulation Co., Ltd.

Soybean prices in Brazil continue to move higherqrcode

Sep. 2, 2019

Favorites Print
Forward
Sep. 2, 2019
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
 
Soybean prices in Brazil moved aggressively higher last week while soybean prices in the U.S. continued to move mostly sideways. The ongoing trade dispute between the U.S. and China and the lack of soybean purchases from China has led to lackluster soybean prices in the U.S.
 
While soybean prices in the U.S. move sideways, soybean prices in Brazil continue to move aggressively higher. On Wednesday, the spot price for soybeans at the Port of Paranagua in southern Brazil was R$ 89.00 per sack (approximately $9.86 per bushel) with a September price of R$ 90.00 per sack (approximately $9.97 per bushel). Both of these prices were up more than 1% on Wednesday. At the Port of Rio Grande in far southern Brazil, the spot price on Wednesday was R$ 87.50 per sack and September was R$ 88.50 per sack (approximately $9.70 and $9.81 per bushel respectively).
 
In Brazil, the higher soybean prices are the result of stronger demand from China, domestic crushers competing for soybeans, and ever tightening supplies of soybeans. It is even possible that Brazil could essentially run out of soybeans before the new crop becomes available sometime in January, especially if planting is delayed due to dry weather.
 
During the month of August, the premiums at the Port of Paranagua increased 55% from $0.90 to $1.40 per bushel over the Chicago Board of Trade. For September, the premiums are up 42% from $0.95 to $1.35 per bushel over Chicago.
 
There is also more interest in new crop soybeans as well with the Chinese aggressively booking cargos for February and March.
 

Picture 0/1200

More from AgroNews

Magazine

2019 CRO & CRAO Manual 2019 Market Insight
2019 India Pesticide Suppliers Guide 2019 Biologicals Special
2019 Latin America Focus 2019 Formulation & Adjuvant Technology
Subscribe Comment

Subscribe 

Subscribe Email: *
Name:
Mobile Number:  

Comment  

Picture 0/1200

Subscribe to daily email alerts of AgroNews.