The appreciation of the dollar helped maintain high prices, despite the accumulated decline in Chicago.
Soybean prices ended October on a high note in Brazil. In Paranaguá (PR), the indicator from the Center for Advanced Applied Economics Studies (Cepea) rose by 1.94% during the month, reaching R$ 143.90 per 60-kilogram sack on Thursday (October 31). The benchmark for the lot market (between companies) in Paraná increased by 1.52%, closing at R$ 141.13 per sack on the same day.
Other regions mirrored this trend. In Rio Grande do Sul, the Technical Assistance and Rural Extension Company (Emater/RS) reported that the average price in the state reached R$ 127.90 per sack, marking an increase of 2.65% from the beginning of the month.
In western Bahia, the average soybean price in the available market hit R$ 130.95 per sack on Thursday, according to the indicator from the Association of Farmers and Irrigators of the State (Aiba). On October 1, the price was R$ 127.88 per sack.
A survey by Scot Consultoria indicates prices of R$ 133 per sack in Rio Verde (GO), R$ 124.50 in Balsas (MA), R$ 135.50 in the Triângulo Mineiro, and R$ 139 in Dourados (MS). At the ports, soybeans are priced at R$ 144 in Santos (SP) and R$ 141 in Rio Grande (RS).
The appreciation of the commodity in the domestic market occurred despite the accumulated decline in the international market. In the Chicago exchange, the recent price reactions were insufficient to reverse the negative trend observed throughout the month.
On Thursday, the January 2025 soybean contract, which is currently the second most traded, rose by 0.33%, or 6.25 cents, closing at $9.96 per bushel. The contracts expiring in March gained 4 cents, or 0.4%, ending the last session of October at $10.11 per bushel.
According to Pátria Agronegócios, the market benefited from the increase in soybean oil prices and the rise in sales in the United States. Nonetheless, January soybean futures ended the month down by 7.32%, as reported by ValorPRO, a real-time information service from Valor.
The average soybean price in Chicago for October was $10.16 per bushel, according to Valor Data, reflecting a decline of 1.49% for the month, 23.23% year-to-date, and 22.02% over the past 12 months. In October of last year, the average price based on the second position lots was $13.03 per bushel.
In this context, the primary factor that helped keep soybean prices elevated in Brazil was the exchange rate, one of the main variables affecting grain pricing. On Thursday, the dollar closed at R$ 5.78, up by 0.31% for the day and 6.14% for the month, as reported by ValorPRO.
Meanwhile, in the fields, planting for the 2024/25 crop season is advancing unevenly depending on the region. In Rio Grande do Sul, machinery has covered 10% of the area designated for the crop, which is projected to exceed 6 million hectares. A year earlier, only 3% had been planted, while the average for this period is 16%.
In Mato Grosso, Brazil’s largest soybean-producing state, data from the State Institute of Agricultural Economics (Imea) show that producers still have much ground to cover this season. By October 25, planting had reached 55.73% of the area allocated for the crop.
This represents a significant advancement of 30.65 percentage points compared to the previous week. However, it is still 14.32 points lower than the same time last year when machinery had already covered 70.05% of the soybean area.
