Brazilian soybean prices are close to historical highs

        According to data from the CEPEA Research Center of the University of Sao Paulo, Brazil, the price of soybeans in Brazil was close to an 8-year high for the week ending September 25, due to strong exports leading to a decline in soybean stocks, and soybean planting in 2020/21 has just begun.

　　 US "Successful Agriculture" reported on September 25 that data released by the Center for Advanced Studies in Applied Economics (Cepea) of the University of Sao Paulo (USP) in Brazil showed that

　　 Brazil’s soybean production in early 2020 hit a record high, but due to strong demand from China, the real exchange rate against the US dollar continued to fall, prompting soybean exports to grow, and inventories fell sharply. At present, the soybeans are not getting green and yellow, and the new beans will not be listed until a few months later. The lack of supply drives up the price of soybeans.

Soybean prices this week hit a high of 150.86 reais ($27.13) per bag (60 kg), close to the historical record of 153.40 reais/bag (60 kg) set in 2012, and fell to 146.63 reais on the 25th. Seoul/bag (60 kg).