Soybean, corn and cotton prices in Brazil rise 70% in 1H21
Commodities key to Brazilian exports registered strong increases in the first half of 2021 compared to the same period last year, according to a study by the Institute for Applied Economic Research (IPEA).
The price of soybean in the domestic market registered an increase of 78%, while corn and cotton prices rose 77% and 75%, respectively. In the international market, prices in U.S. dollar rose by 65.9% for soybean, 72.3% for corn and 38.1% for cotton.
“The higher prices for agricultural commodities in Brazil were due to a combination of factors, which include the drought, the sharp hikes in international prices and the weaker local currency,” said the director of Macroeconomic Research and Policies at Ipea, José Ronaldo Castro de Souza Júnior.
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