A 7 percent drop in Brazil’s currency last week sparked a wave of soybean sales as it made Brazilian soybean supplies more attractive than U.S. soybean supplies, Reuters reported.

The currency drop followed news of an alleged bribery scandal involving the current Brazilian president that triggered a political upheaval.

"The farmers in Mato Grosso are selling, taking advantage of a rise in price," said Endrigo Dalcin, president of soy growers association Aprosoja in the state of Mato Grosso, which accounts for almost 30 percent of Brazil’s soy production. "Some producers are getting 3 to 4 reais more for the bag today," he told Reuters.