Highs in April were driven by the dollar and positive premiums
Agrolink – Seane Lennon
Published on 04/30/2024 at 4:21 pm.
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In the state of Mato Grosso, soybean prices registered an increase in April 2024 compared to March of the same year, according to data from Imea’s weekly report. Last week, the average price of the oilseed closed at R$108.77 per bag, reflecting an increase of 3.90% compared to the previous period. This scenario was influenced by the 2.74% increase in the dollar compared to the same period in March 2024. Furthermore, current premiums became positive again in recent days, a situation not observed since the beginning of 2024, which contributed to the increase in prices in the state.
According to the report, on the other hand, last week, soybean prices in Chicago showed a drop of 2.89% compared to the same period of the previous month, reaching an average of US$ 11.63 per bushel. This devaluation is attributed to the early start of soybean sowing in the United States and the prospect of greater supply in relation to demand on the international market.
From now on, soybean prices on the Chicago Stock Exchange (CME-Group) will be influenced by the American harvest, which could contribute to greater volatility in soybean prices in Mato Grosso.
