Home Agribusiness Soybeans plummet in Brazil after dollar devaluation and low in Chicago

Soybeans plummet in Brazil after dollar devaluation and low in Chicago

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Soybean prices plummeted in the Brazilian market last Friday. The fall of the dollar after announcement of intervention of the Central Bank. This halted the commercialization in Brazil and the soybean losses in Chicago complemented the negative scenario for the formation of prices. With this picture, there was no business report on the day.

Soybean futures traded on the Chicago Mercantile Exchange (CBOT) closed Friday with lower prices. The favorable climate for the development of crops in the United States and the lack of agreement between the United States and China put pressure on the market.

In the week, the July position fell 5.5%, the biggest weekly loss since August 2017. The weakening demand for American soybeans, the greater competitiveness of the Brazilian commodity and the prospect of a large harvest in the United States kept the prices under pressure .