The upward movement reflects consecutive increases in the dollar’s value and gains in the Chicago Board of Trade’s closing prices on the previous day.
On Monday, October 21, soybean prices rose across Brazilian regions. This trend follows sequential gains in the dollar and higher closing prices on the Chicago Board of Trade the day before.
According to the Center for Advanced Studies in Applied Economics (Cepea), the price of soybeans at the Port of Paranaguá was R$ 141.02 per 60-kilogram sack on Monday, representing a 0.43% increase from the reference price on Friday, October 18. However, the monthly cumulative remains negative, down 0.10%.
Global record supplies and high stock levels have exerted downward pressure on soybean prices across Brazilian markets last week, according to Cepea’s reports. On the other hand, the dollar’s appreciation against the Brazilian real has limited this downward trend.
On Monday, the dollar surged by 1.5%, closing at R$ 5.70. Data released by the USDA estimates global soybean production for the 2024/25 season at 428.9 million tons, an 8.6% increase compared to the 394.7 million tons harvested in the 2023/24 season.
Global crushing is forecasted at 346.3 million tons, with global trade expected to reach 181.5 million tons — respective increases of 4.8% and 2.6% over the previous season. Global stocks are also projected to hit a record 134.6 million tons.
In Chicago, the week started with gains driven by macroeconomic, geopolitical, and technical factors. November contracts rose by 1.13%, reaching $9.81 per bushel.
In other regions of Brazil, Scot Consultoria reports soybean prices at R$ 129.50 in Luís Eduardo Magalhães (BA); R$ 132.50 in Rio Verde (GO); R$ 122.00 in Balsas (MA); R$ 132.00 in Triângulo Mineiro, and R$ 137.50 in Dourados (MS). At ports, soybeans are quoted at R$ 139.50 in Santos (SP) and R$ 139.00 in Rio Grande (RS).
