Soybean prices continued to rise in the Brazilian domestic market this Thursday (October 24), defying the trend seen on the Chicago Board of Trade (CBOT).
According to the Center for Advanced Studies in Applied Economics (Cepea), the reference price at the Port of Paranaguá reached R$ 142.89 per 60-kg sack, up 0.34% from Wednesday (October 23). The monthly increase now stands at 1.23%.
Chicago Prices and Exchange Rate Movements
Despite gains in Brazil, soybean futures for November contracts on the Chicago Board recorded a slight drop of 0.13%, closing at $9.9750 per bushel on Thursday. Meanwhile, the Brazilian real appreciated against the US dollar, which closed at R$ 5.66, down 0.8%.
International Demand and Price Outlook
Despite the minor correction in Chicago, soybean prices on the international market remain poised for further gains due to a significant rise in U.S. soybean demand this week.
Regional Price Variations
In other parts of Brazil, Scot Consultoria reports the following prices for a 60-kg sack of soybeans:
- Luís Eduardo Magalhães (BA): R$ 132
- Rio Verde (GO): R$ 133
- Balsas (MA): R$ 127
- Triângulo Mineiro (MG): R$ 136
- Dourados (MS): R$ 143
At the ports, soybeans are trading at R$ 143 in Santos (SP) and remain steady at R$ 141 in Rio Grande (RS).
