A Farm Progress article
Soybean futures fell to a two-month low in Chicago, while coffee and sugar slumped as President Luiz Inácio Lula da Silva’s surprise election win in Brazil hit the nation’s currency, boosting export prospects for the commodity powerhouse.
Lula won a fourth term, defeating Flávio Bolsonaro in a political upset that comes as a setback to investors who had backed his rival to rein in the country’s deficit. Brazilian markets are heading for a rout when local trading begins with a currency derivatives contract on the CME exchange showing the real at 5.60 a dollar, which implies a 12% plunge from Friday’s close. Trading on the real opens at 8 a.m. New York time.
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