Depreciation of the dollar and forecast of record area in the USA put pressure on soybean values ​​in Brazil

Soybean prices have fallen in Brazil in recent days, pressured by the devaluation of the dollar against the Real, of 1,7% between March 25th and April 1st – considering the monthly average, the fall in the US currency was 4,4% from February to March, to R$4,97 in the last month, the lowest nominal in two years.

According to Cepea researchers, domestic prices were also influenced by USDA estimates indicating an increase in soybean area in the United States in the 22/23 harvest. The Department estimates that North American sowing amounts to 91 million acres (36,8264 million hectares), a record.

Furthermore, the advance of the 21/22 harvest in South America also weighed on the internal values ​​of the oilseed, even though the total volume to be produced is much smaller than that of the previous season. Between March 25th and April 1st, the ESALQ/BM&FBovespa – Paranaguá (PR) and CEPEA/ESALQ – Paraná Indicators dropped a significant 7,6% and 5,6%, with respective closings of R$ 178,54 and R$ 178,94/60 kg bag on Friday, 1st.

Even so, from February to March, the average of the Paranaguá Indicator rose 2,3%, to R$ 199,60/sc of 60 kg, the second highest in history, in real terms (values ​​deflated by the IGP-DI of February/ 22), only below that of November/20. The Paraná Indicator increased 2,2% from February to March, at R$ 195,85/sc of 60 kg, the highest since November/20, in real terms.