SAO PAULO, Brazil (Reuters) — Brazil’s currency, the real, has risen as it became clear that its parliament would impeach President Dilma Rousseff over a scandal.
A stronger real would make its soybeans and corn less competitive on world markets.
The real rose despite a deep economic crisis, amid investors’ hopes the left-leaning Rousseff will be replaced by a more business-friendly administration.
Brokerage and consultancy firm INTL FCStone said in a report that if market-friendly vice-president Michel Temer takes over, it would lift the real and soybean exports could fall to 50 million tonnes, down four million from the current estimate.
Farmer are worried the political crisis will freeze the process of setting the next crop financing package.
