Soybean prices moved up in the domestic market this week, boosted by the international valuation, the export premiums increases and also by the dollar. As a result, the values at the port of Santos (SP) and Paranaguá (PR), main export ports for soybean in Brazil, returned to the highest levels of this year.
The ESALQ/BM&FBovespa Index (Paranaguá) upped 3.9% from May 16-23, closing at BRL 140.20 per 60-kg bag on May 23, the highest level since January 2 this year. At the port of Santos, the increase was 2% in the same period, to BRL 140.18 per 60-kg bag on Thursday, the highest since January 4. The CEPEA/ESALQ Index (Paraná) increased 3.8%, to close at BRL 134.86 per 60-kg bag, the highest value since Jan 2.
BYPRODUCTS – The demand both in domestic and international markets is high. The recente strike in Argentina (the biggest global exporter of soybean meal and soybean oil) directed importers to Brazil and United States, boosting prices of these products in the domestic market.
CROPS – According to Conab, Brazil had harvested 97% of the 2023/24 area up to May 20 – only the states of Maranhão and Rio Grande do Sul are still harvesting, but activities are close to the end.