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Brazilian soybean prices, priced in Brazilian real, hit a two-month high, driven by rising soybean port premiums and falling real, both of which were caused by Sino-US trade disputes.
Soybean prices in Solisu, Mato Grosso, Brazil closed Tuesday at 62.31 reals ($15.67) per bag, up 0.81% from the previous day, the highest level since June 18, according to Cepea/Esalq, a price research center.
The premium on soybean futures at Brazil's Paranagua port rose to $1.35 on Tuesday, following an escalating trade war between the United States and China, the world's largest soybean importer, which suspended all U.S. agricultural trade.
Refinitiv data show that the soybean premium at Brazilian ports has risen by 70% since June 16, hitting its highest level since November 2018.
Camilo Motter, a grain broker in Parana, said the weak real exchange rate and high port premiums were driving up soybean prices in Brazil's domestic market when considering every 60 kg bag priced in real.
The Brazilian real has depreciated nearly 5% against the dollar this month and nearly 4 real on Wednesday.


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