May 1, 2008

 

Brazil's soy market empties out as CBOT soy losses continues

 

 

Brazil's soy market emptied Tuesday to such an extent it was even difficult to glean prices.

 

The exodus was due to the second consecutive day of losses for Chicago Board of Trade (CBOT) futures of the commodity.

 

At one moment in the day the bid in the Paran¨¢ interior was R$ 42.00 ($1 = R$ 1.706) per 60-kilogram bag and the ask price was R$ 46.00 showing a wide disparity in expectations.

 

At the port of Paranagu¨¢ (Paran¨¢) the last spot bid of the day was R$ 46.50, against a R$ 47.50 ask price.

 

Paran¨¢ has sold 56 percent of the 2007/08 soy crop, the Paran¨¢ Rural Economy Department (Deral) announced Tuesday.

 

To Monday, 94 percent of the state's soy area had been harvested against 98 percent the same time last year.

 

Paran¨¢ is Brazil's second largest soy state, after Mato Grosso.

 

In Mato Grosso do Sul, prices in Campo Grande and Dourados were R$ 39.00 and R$ 40.00 respectively.

 

Meanwhile, Brazil's 2007/08 soy area of some 22.18 million hectares is 89 percent harvested, the AgRural agency said on Tuesday (April 29, 2008).

 

In dollar terms, the price fell 1.17 percent to $25.89 per bag.

 

(US$1=1.66 Brazilian real)