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Brazil Soy Prices Near 2012 High

26 Sep 2020 7:54 am
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Mumbai (Commodities Control) – Soy prices in Brazil neared an eight-year high this week, after robust exports left the country with low stocks just as planting for the 2020/2021 season begins, according to data from University of Sao Paulo's Cepea research center.

Prices hit a high of 150.86 reais ($27.13) per 60-kg sack during the week, near the record of 153.40 reais set in 2012, Cepea said. Domestic soy prices had pared back gains by Friday to 146.63 reais per sack.

The data is based on prices in the region of the port city Paranaguá in Parana state and is adjusted for inflation.

Soy prices have risen 6.44% so far this month.

Brazil harvested a record soy crop in 2020 but the relative weakness of the real currency against the dollar drove heightened exports of the oilseed and lowered inventories. With Brazil months away from harvesting the new crop, the lack of supply has pushed up prices.

Global soy prices are also up, with Chicago soy futures hitting a two-year high last week before paring gains as of Friday.

Amid high prices, Brazilian farmers have forward sold 60% of their 2020/21 crop, according to Cepea.



       
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