Foreign price drops and currency devaluation limit soybean business in Brazil
RIO DE JANEIRO, BRAZIL – The drop in foreign prices, the devaluation of the dollar and quota restrictions to export soybeans limited the domestic negotiations involving the oilseed last week. Researchers at Cepea emphasize that, in addition, with about 70% of the 2020/21 harvest already traded, producers show no interest in negotiating large lots in the short term.
Domestic buyers, in turn, are cautious with acquisitions, aware of expectations of record harvest in Brazil. In a report released on April 8th, Conab (National Supply Company) indicated that the national production of soybeans may total 135.54 million tons, 8.2% higher than the previous harvest.
Source: O Presente Rural
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