By Joana Colussi and Gary Schnitkey
Department of Ag & Consumer Economics
University of Illinois
Soybeans prices are selling at highs in Brazil because of strong internal and external demand, rising prices on the Chicago Mercantile Exchange, and a weak Brazilian real couple with a strengthening U.S. dollar. Prices have risen at the same time that Brazil, the world’s largest soybean producer, has achieved a new record harvest. The 2020/2021 forecast indicates Brazil will harvest 4.97 billion bushels, 8.5% more soybeans than last season. In addition, Brazil´s soybean exports increased dramatically in the last months, reaching historic highs, including unusual sales to the United States.