Brazil soybean prices hit yearly high before slipping

Brazil's soybean futures rose to a 60‑kg sack price of R$142.65 at the Paranaguá port, up 1.16% on the day and 6.79% for the month. The rally was fueled by higher oil prices that boost biofuel grain demand and a surge in Chinese imports – 12.08 million tonnes in June, a 13.7% increase year‑on‑year – while U.S. soybean purchases fell 20%.

Later the same day, prices fell in most monitored Brazilian markets. Out of 38 spots, 22 saw declines, with the biggest drops of about R$2 in Sorriso (MT), São Gabriel do Oeste (MS) and Balsas (MA). Nonetheless, weekly averages remained higher, with Cepea/Esalq reporting an average of R$144.17 per sack and a 7.93% monthly gain. In Chicago, November contracts slipped 0.33% to US$11.75 per bushel.