Currency rates have a profound effect on feed producers

Despite weakening global soybean prices, Indonesian feed producers are still incurring higher costs due to the appreciation of the US dollar against the rupiah. Although rupiah depreciation has not had a significant impact on the industry, a weaker real is enabling Brazilian farmers to better withstand lower commodity prices that are denominated in dollars. According to Bloomberg (July 2024), soybean prices for November had fallen by as much as 3.1% to US$10.94 per bushel at the close of trad