Brazilian farmers were forecast to expand the country’s soybean planted area for the 12th consecutive year amid strong demand from Asia and in spite of risks related to the exchange rate and higher freight costs. Brazil is likely to expand the area to a record 36.28 million hectares this season, which farmers will start planting around September, a 3.2% expansion from the previous cycle based on government data.
Most emerging market currencies worldwide rallied on Tuesday after U.S. President Donald Trump criticized the head of the Federal Reserve for raising interest rates, while Brazil's Real fell to its lowest in more than two years on political concerns.
The Chief of the Electoral Observation Mission of the Organization of American States (EOM/OAS) to the October 7 general elections in Brazil, the former President of Costa Rica Laura Chinchilla, arrived in Brasilia to learn about the advances made in the organization of the election. This is the first time that the OAS has observed an electoral process in Brazil.
The Brazilian real led losses among Latin American currencies on Monday after an opinion poll showed the market's preferred candidate in October's presidential elections lagging far behind his rivals. The Real was down 0.76% and 15.98% in the eight months of the year.
With this year's sell-off in emerging markets assets hasn't just dented investor returns and confidence, but also weighed heavily on global companies with exposure to developing economy currencies. One that is LATAM Airlines, by far South America's biggest carrier and among the world's largest by network connections.
Jailed former president Lula da Silva has increased his support by five percentage points and would win Brazil's October presidential election if he was allowed to run, a poll by CNT/MDA showed on Monday. The survey, which was last taken in May, found that almost half of the leftist leader's supporters would transfer their votes to his running mate Fernando Haddad if Lula is disqualified from Brazil's most uncertain race in decades.
Brazil's government has not ruled out closing its border with Venezuela at Pacaraima, in Roraima state, but sees obstacles to doing so because of international treaties it has signed, Political Affairs Minister Carlos Marun said on Monday.
Brazil is sending additional troops to its northern frontier after residents of one of its border towns attacked Venezuelan immigrants, forcing hundreds of them to flee back into their country. Brazil's Ministry of Public Security said over the weekend it would send an additional 60 soldiers to Roraima on Monday, reinforcing a contingent already operating in the northern state.
The United Nations Human Rights Committee, a panel of independent experts, on Friday said it had requested that the Brazilian government allow imprisoned former president Lula da Silva to exercise his political rights as a presidential candidate.
Brazil will likely step down to become the world's second-largest sugar producer on low global sugar prices and higher profitability and strong demand for ethanol, according to a report by Brazilian consulting company JOB Economia e Planejamento.