Brazil's political scandal involving possible payoffs by Brazil's president sent the Braziian Real down nearly 7% today, sending soybeans in Brazil and the US sharply lower.
Simply put, this large break in their currency makes US soybeans less attractive in the world market. Remember, Brazils harvest is just finishing up, so there are plenty of soybeans available for sale there at prices that are forcing US soybeans sharply low if we want to be competitive.
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