Soybean prices remain stable, and caution prevails in the South.

The market of soy In the south of the country, the pace remains cautious, with stable prices in important markets, low liquidity, and increasing attention to weather conditions for the new harvest. According to TF Agroeconômica, price support depends on port demand, the exchange rate, and producers' reluctance to increase sales at this time.

In Rio Grande do Sul, the session ended without changes in the main physical references. Passo Fundo remained at R$ 156.00 per sack, Santa Rosa at R$ 157.00, and Rio Grande at R$ 164.00. The difference favoring the port indicates greater firmness in the export corridor, while the interior continues with less circulation of lots. The appreciation of the dollar contributes to preserving export parity, but was not enough to stimulate more intense origination.

The weather also plays a role in decision-making. The outlook for spring points to frequent rainfall and a risk of excessive moisture between October and December. For soybeans, water availability tends to be ample, but periods of concentrated precipitation can reduce the window for machinery entry and hinder the uniform establishment of crops.

In Santa Catarina, the physical market also remains without significant structural changes. Attention is focused on the influence of El Niño, with expectations of above-average rainfall and a higher risk of extreme events in the 2026/27 crop season. This scenario reinforces caution in marketing, while producers monitor the regularization of rainfall and the conditions for planting and management.

The stance remains selective in both states. Without widespread supply pressure, sales tend to increase when price and financial need coincide, while producers with storage capacity and greater flexibility maintain room to wait.