Producer withholds soybeans and limits supply in the Brazilian market.

The producers' reduced willingness to sell. soy This has reduced the availability of grain in the Brazilian market and contributed to supporting prices. According to Cepea, the movement involves both the volumes still available from the 2025/26 harvest and the advance negotiations of the 2026/27 season.

Resistance is emerging on two fronts. In the spot market, producers are avoiding trading large remaining lots from the last harvest. At the same time, there is caution in contracting in advance for production that is yet to be harvested, which also limits the supply for forward contracts.

Part of this behavior is related to uncertainties about the development of the new season. Researchers at Cepea point out that concerns about the weather and the potential effects of El Niño have influenced marketing decisions.

The exchange rate reinforced this scenario. The appreciation of the dollar against the Real also helped to support soybean prices in the domestic market, according to an analysis by Cepea.

Abroad, the environment was also favorable for prices in recent days. Speculation about possible agreements between China and the United States supported international soybean prices, while the appreciation of soybean meal further boosted prices for the oilseed.

With fewer sellers willing to increase supply and internal and external factors pushing prices upwards, the Brazilian market continues to operate with a more restricted availability of soybeans.