date:May 15, 2012
drastically reduced crop potential in major South American exporters Brazil and Argentina.
Also contributing to Brazilian farmers' incentive to sell has been a steady depreciation in the local currency's value against the dollar. The Brazilian real opened this week in sharp decline, recently trading at BRL1.9881 to the dollar, according to Tullett Prebon via FactSet, its weakest level since mid-2009.
Celeres said that the currency's slide has allowed local soybean prices to remain stable, eve