The price of Brazilian soybeans in local currency reached the highest level in a...
SAO PAULO - The price of Brazilian soybeans in local currency reached the highest level in almost two months, driven by a spike in port premiums for soybeans and a weaker currency, both caused by the trade dispute between China and the United States.
Brazil’s port premiums at Paranaguá rose to $1.35 over Chicago futures on Tuesday after the United States escalated the war against China, the world’s largest soy importer, which responded by halting all deals for U.S. farm products. The Brazilian currency fell almost 5% against the dollar this month to almost four to the greenback on Wednesday BRBY.
“The producer waits for moments like this,” said Bartolomeu Braz Pereira, head of Aprosoja, adding that some farmers have also boosted barter deals with suppliers of fertilizers and agrochemicals, already looking to guarantee inputs for the next crop, and taking advantage of better relative prices for the beans.
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