Domestic soybean prices fell last week, mainly pressured by the devaluation of the dollar against the Real, which reduced the competitiveness of Brazilian soybeans in the international market. This trend is highlighted in a survey by the Center for Advanced Studies in Applied Economics (Cepea).<\/p>\n
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<\/p>\nPhoto: Jose Fernando Ogura<\/p>\n<\/div>\n
According to researchers, a weaker exchange rate reduces the attractiveness of exports and limits price support in the domestic market. This exchange rate scenario is compounded by another relevant factor: the expectation of a record harvest in Brazil, which has reinforced the cautious stance of buyers.<\/p>\n
According to Cepea, some buyers have postponed new purchases while waiting for the harvest to progress, which reduces liquidity in the physical market. This combination of lower buyer appetite and the prospect of ample supply has led to a decrease in export premiums, increasing pressure on domestic prices.<\/p>\n
The most recent data from the National Supply Company (Conab) indicates that 3.2%<\/p>\n
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<\/p>\nPhoto: Shutterstock<\/p>\n<\/div>\n
Of the national soybean area, 1\/21 of the total area had been harvested by January 17th, a percentage higher than the 1.2% observed in the same period of the previous season. The faster pace of fieldwork reinforces the perception of increased grain availability in the coming weeks.<\/p>\n
According to Cepea, as long as the progress of the harvest and the exchange rate remain unfavorable, the market is likely to remain cautious, with buyers waiting for increased supply and sellers facing difficulties in sustaining prices.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n