Brazil and Argentina renewed their auto trade agreement on Friday, allowing increased Brazilian exports to its neighbor through 2029 but postponing free trade in motor vehicles between the countries for the next decade. Argentina is the largest export market for the Brazilian auto industry, but sales have plummeted due to a depression in the Argentine economy. Sales in Brazil in recent months have begun to recover to 2014 levels.
Soybean trading in Brazil has gained momentum in recent days, driven by a wave of Chinese demand, boosting prices and premiums paid at ports amid a weakening of the Brazilian currency, according to analysts. An estimated 5.5 million tonnes of soybeans have traded over the past few days, and are slated to leave Brazilian ports in June, July and August, according to estimates by the Center for Advanced Studies in Applied Economics (Cepea) issued on Friday.