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Brazilian fund managers are cautious about betting further on real appreciation despite high domestic interest rates and a weaker dollar. The real has gained 12.6% against the dollar this year, which some investors see as overextended.
Positioning in the currency remains small and tactical.
Limited positioning suggests the real's strength may fade, which would support Brazilian dollar-denominated grain and meal prices. Currency moves are the main channel here, not a physical supply change.
valorinternational.globo.comArthur CagliariAug 18, 2025Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
