February 21, 2022

 

Rain disrupts Brazil's soybean harvest, complicates supply

 

 

Excessive rainfall has interrupted Brazil's soybean harvest and, in recent days, made it more difficult to supply processors for crushing.

 

While foreign demand for Brazilian soy continues to grow, the dispute between agents who need to fulfill export contracts and domestic industries has intensified. This scenario led to increased export premiums and domestic prices to record levels, in nominal terms.

 

At the national level, the ESALQ/BM&FBovespa - Paranaguá (PR) indicator for soybeans reached R$193.36 (US$37.63) per a 60kg bag on February 4, the highest nominal value in the Cepea series that began in March 2006. Between January 28 and February 4, the indicator increased by 5.2%.

 

The CEPEA/ESALQ Paraná indicator rose 5.5% between January 28 and February 4, reaching R$190.26 (US$37.02) per a 60kg bag on February 4 - the highest nominal level of the series that started in July 1997.

 

Based at the port of Paranaguá, the export premium for March 2022 had buyers at US$1.23/bushel and sellers at US$1.40/bushel on February 3.

- CEPEA (Brazil)

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