The price, which the Brazilian producer receives at the local warehouse, is represented by the
locally quoted spot market price. Brazilian soybean prices are closely related to the CBOT quotation
(see appendix 2) and accompany world market developments (illustrated in appendix 36).
Reportedly, any price movement in Chicago is transferred to the Brazilian producer prices (see
chapter 1). The local spot market prices tend to be lowest during peak harvest time (February to
April) and to increase afterwards (July to October) (see appendix 37). When stocks get smaller
and supply on the global market is scarce in the interim period of Brazilian and U.S. soybean harvest,
world market prices tend to increase until the U.S. soybean harvest season begins in late
September (see appendix 36). USDA FAS (2012) asserted that soybean world market prices are
trending lower when the new U.S. crop enters the market, which is encouraging the liquidation
of Brazilian stocks until that date.