Since April 20, 2016, we have seen six down days and one up day. On Friday July closed at 1.2150, down 55 points.
Since January 21 the Brazilian Real has strengthened drifting upward and is now at the same level as last July.
Also, since mid-January the Dollar as weakened drifting downward.
Last Friday the gap between the two currencies was about equal to the gap last summer.
Although world stocks are low, the fact that Brazil expects to harvest a pretty big crop this year seems to be the over-riding thought which is sending the market down and the market is only about $0.10 less than where it was in late August 2015.