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Brazilian markets rallied on November 4 on a favorable external backdrop after the US midterm elections and a sharp fall in oil prices. Expectations of a fiscal-responsibility message in an upcoming speech by President Lula pushed the DI January 2031 rate down from 15.43% to 15.06%, while the Ibovespa rose 1.23% and the dollar fell 0.64% to R$5.4518.
Lower domestic rates and a stronger real reduce the financing cost and import price pressure for Brazilian feed and livestock producers. If fiscal credibility holds, the central bank could resume rate cuts, which would support domestic demand for feed.
valor.globo.comMaria Fernanda Salinet, Gabriel Caldeira, Gabriel RocaNov 5, 2026After 213 past bearish macro events, Brazilian Real (BRL per USD) moved a median -0.2% over 5 sessions (46% higher; middle half -1.5% to +0.9%), and +0.2% 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.
