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Brazilian markets sold off after the Tuesday national holiday, with the real weakening more than 2% against the dollar. Traders cited concerns over President Bolsonaro's hardening political stance.
Stocks also fell nearly 3%.
Political turmoil weakens the real, which makes Brazilian soybean and corn exports cheaper in dollar terms and can encourage farmer selling. Feed buyers should watch for further currency-driven export price moves.
reuters.comAnthony BoadleSep 8, 2021After 301 past bullish macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% over 20.
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.
