Prices for soybeans in Brazil increased once again on Wednesday (October 30). According to the Center for Advanced Studies in Applied Economics (Cepea), the price recorded at the Port of Paranaguá (PR) was R$ 143.56 per 60-kilogram sack, a rise of 0.68% compared to Tuesday (October 29). For the month, Cepea’s indicator reflects a cumulative increase of 1.70%.
Prices continue on an upward trajectory, despite optimistic forecasts for supply. Rabobank released its projections for the 2023/24 soybean harvest in Brazil, estimating production at 167 million tons, a new record. The delays observed during the planting of the crop were not enough for the company to lower its productivity estimates.
“The rainfall predicted in the forecasts should ensure good planting conditions, which will allow work to progress quickly in the coming weeks,” the report stated.
For domestic soybean prices, the bank noted a 6% increase in values across Brazilian markets, a reflection of currency depreciation and improved premiums negotiated in the Brazilian market. This improvement in premiums was a response to exports, which reached 89 million tons between January and September 2024.
The dollar reached its highest level in three years this week. On Wednesday, the currency was quoted at R$ 5.76, an increase of over 1% compared to the previous week.
On the Chicago Board of Trade, soybean prices also closed higher, with January 2025 contracts—the most traded in the session—rising by 1.17% to US$ 9.7650 per bushel, attributed to technical factors following three consecutive declines.
In other regions of Brazil, a survey by Scot Consultoria indicated soybean prices of R$ 132 in Luís Eduardo Magalhães (BA); R$ 133 in Rio Verde (GO); R$ 124.50 in Balsas (MA); R$ 135.50 in the Triângulo Mineiro; and R$ 139 in Dourados (MS). At ports, soybeans are quoted at R$ 144 in Santos (SP) and R$ 141 in Rio Grande (RS).
