October 13, 2020

Brazil's President Jair Bolsonaro to meet soy farmers over inflated soybean prices

Brazilian President Jair Bolsonaro will meet domestic soy farmers next week to talk about increased soy prices, Brazil's most important export commodity, Reuters reported.

Soybean futures on the Chicago Board of Trade jumped to its highest level since March 2018 on October 9, following estimations of lower US supplies from the United States Department of Agriculture.

Soy prices exported from Brazil's Paranaguá port was BRL 159.22 (~US$28.78; BRL 1 = US$0.18) per bag this week, a record high resulting from a drought that occurred at the beginning of crop season and Brazil's weak currency.

The Brazilian President said Tereza Cristina Dias, the country's Agriculture Minister will be in charge of arranging the meeting with domestic soy farmers.

In conversations with his supporters broadcasted live on his social networks, President Bolsonaro said the government will not regulate or interfere with the Brazilian soy industry, adding that it is a free market.

-      Reuters