SAO PAULO: The price of Brazilian agricultural commodities such as soyabeans, corn, coffee and rice has reached record levels as strong demand and a weak currency drove prices higher in local currency, according to data from Cepea, a research center linked to the São Paulo University.
Brazil's soyabean quotes are up by more than 50% in nominal terms compared to the same period last year, as China continues to buy ever larger amounts of the oilseeds from Brazil, Cepea data showed. On Monday, Brazil's main export product hit 137.76 reais per 60 kg bag, less than 2 reais below an all-time high of 139 reais in 2012.
In the case of coffee, the rise in Arabica prices was more than 45% in 12 months, also in nominal terms, despite the fact that Brazil is wrapping up a record harvest, the data showed.
Even as Brazilian farmers collect more than 100 million tonnes of corn this season, the price of the cereal, which is used to make livestock feed, rose more than 65% in 12 months, to a new nominal record above 60 reais per 60-kg bag, according to data from Cepea.-
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