Brazil's soybean exports are rising and local prices are falling

Introduction: Sao Paulo, Aug 9: according to local traders, Brazil's soybean spot exports rose this week, but local soybean prices fell, due to the decline of soybean prices in the international market, coupled with the rebound of the domestic currency exchange rate Traders said the market was quiet this week compared with the brisk trading last week Adriano timossi, an analyst at FNP consulting in Sao Paulo, said Brazilian farmers were hoarding because of the strength of the dollar last week This week Brazil's real returned to the bottom of the psychological barrier of three real to one dollar, which was supported by a $30 billion package of aid provided by the International Monetary Fund to Brazil Meanwhile, soybean futures on the Chicago Board of trade fell due to the improvement of weather in the Midwest of the United States These two factors put pressure on soybean prices, so exporters offered 36 reais per bag (60 kg) for soybeans in the near future, up from a record 40 reais per bag last week According to Steve Cachia, an analyst at cerealpar brokerage in Parana, producers are waiting for prices to rise again to sell more soybeans as a significant proportion of the crop has been sold Brazilian farmers expect the USDA's supply and demand report next week to boost soybean prices in the international market Brazil's real began to weaken, closing at $1 on Friday at 3.02, as there are still many uncertainties about who will win this year's presidential election On Friday, September soybeans were quoted at the port of Paranagua at 23 to 27 cents per bushel on CBOT's November soybeans, compared with 15 to 18 cents per bushel last week The price of September soybean meal is a discount of 21 to 21.50 US dollars per short ton on CBOT's November soybean meal price, almost the same as last week The September soybean oil price is based on CBOT's November soybean oil price plus 50 to 80 points per pound, compared with 40 to 70 points last week.