Chicago soybean futures may have taken a huge hit over the last month, but Brazilian prices have remained pretty firm.
Beans were quoted at 55.50 Brazilian reals per 60-kilogram bag ($11.55 per bushel) on Friday in Sorriso, Mato Grosso, stable on the week before and just 3% down on one month ago.
Underpinning local prices is demand from abroad and stockpiling at home.
Enquiries from Chinese buyers continue to come in thick and fast. This sustained interest prompted ABIOVE, the Brazilian soybean crushers association, to recently raise its 2014 bean export forecast from 43 million metric tons (mmt) to 44 ...