Chicago Stock Exchange and rise in the dollar impact the price of soybean meal
Agrolink – Seane Lennon
Published on 04/23/2024 at 11:19 pm.
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The price of soybean meal in Mato Grosso registered an increase of 2.60% in the last week compared to the previous week, reaching R$ 1,691.88 per ton, according to the weekly analysis by the Mato-Grossense Institute of Agricultural Economics (Imea). This increase is attributed to the appreciation of the product on the Chicago stock exchange, with an increase of 0.39% in the weekly comparison, and the rise in the dollar, factors that boosted prices.
In turn, soybean oil increased by 3.82% in the last week compared to the previous week, reaching an average of R$4,308.34 per ton in the state of Mato Grosso. This increase was driven by increased demand in the biodiesel market, which indicated signs of greater consumption in the last week, with some industries purchasing soybean oil from the state, as reported by Imea informants.
With the increase in by-product prices last week, the gross margin for soybean crushing also increased by 34.44% compared to the previous week, being forecast at R$401.61 per ton.
