Soybeans close sharply lower and hit their lower limit on the CBOT this Monday.

Soybean futures contracts closed trading this Monday (16) with a sharp drop in Chicago Board of Trade (CBOT)reaching the daily low limitThe contract of May fell 70.00 points and 5.71%., at US cents 1,155.25/bushelwhile the due date of July fell with the same intensity.a US$ cents 1,167.50/bushel.

With regard to derivatives, the Soybean oil also hit the lower limit., with a retreat of 5.19%while the bran lost 3.25%The sharpest drop in these contracts was partially limited by the strong performance of soybean processing in the US. According to data from US National Oilseed Processors Association (NOPA), the country crushed 5.68 million tons of soybeans in Februaryvolume above market expectations, which pointed to 5.52 million tonsIn this session, prices were pressured mainly by the possibility of Postponement or cancellation of the meeting between the presidents of the United States and China.Donald Trump and Xi Jinping. The uncertainty reduced expectations of increased Chinese demand for US soybeans, a factor considered key for the market, given the trade agreement signed between the parties in October last year which provided for an increase in purchases of the commodity by the Asian giant. Trump said the day before (15) that he could Postpone the summit with the Chinese leader.The text discusses a situation in Brazil, initially planned for the end of March, where pressure is being put on Beijing to help unblock the Strait of Hormuz in the context of the Middle East conflict. Despite the sharp drop, some of the losses were limited by external demand data. According to the weekly shipping report released by [the relevant authority/organization],… U.S. Department of Agriculture (USDA), US exporters shipped 966,000 tons of soybeans in the week ending March 12.volume above market expectations, which varied between 400,000 and 800,000 tons.

This text was translated by machine from Brazilian Portuguese.