The August soybean contract traded on Chicago Board of Trade (CBOT) It closed this Monday (13) with a slight increase of 5.00 points and 0.42%, quoted at US$ cents 1,196.75/bushel; the September contract rose 4.00 points and 0.34%, to US$ cents 1,185.25/bushel. As for derivatives, oil jumped 3.35%, driven by the rise in oil on the international market, while soybean meal fell 1.00%.
Corn
The September corn contract advanced 1.50 points and 0.34% in ChicagoThe December futures contract gained 2.25 points and 0.49%, to US$ 463.25 cents/bushel. The December contract rose 2.25 points and 0.49%, to US$ 463.25 cents/bushel.
Wheat
The September wheat contract traded in CBOT It fell 5.00 points and 0.78%, trading at US$ cents 635.25/bushel. Kansas City Bank Exchange (KCBT)Meanwhile, the contract for the same month fell 10.00 points and 1.48%, to US$ cents 666.25/bushel.
Market fundamentals
In this trading session, soybean and corn contracts were supported by forecasts of intense heat in the Corn Belt, the main grain-producing region of the United States. According to the daily bulletin from… U.S. Department of Agriculture (USDA)Maximum temperatures are expected to range between 32°C and 38°C in the northern portion of the Midwest, increasing concerns about potential impacts on crop development. On the demand side, the USDA announced a one-off sale of 136,000 tons of soybeans to China. Added to the purchases reported last week, confirmed sales to the Asian country already exceed 1 million tons, reinforcing the perception of a recovery in Chinese demand for US soybeans. The weekly export report also brought figures within market expectations. In the week ending July 10, the US shipped 419,000 tons of soybeans, 1.54 million tons of corn, and 374,000 tons of wheat. Wheat, however, was pressured by profit-taking after gains accumulated last week and by reduced concerns about global supply, given the lower perceived risk for Russian shipments through the Sea of Azov. In the field, the USDA The report highlighted that extreme heat continues to prevail in the Northern Plains, a region that produces spring wheat. “The extreme heat may negatively affect spring cereals, including barley and spring wheat, during the grain-filling stage. In the rest of the region, the weather remains dry, with temperatures near average for this time of year,” the department reported. Investors are also awaiting the release of the weekly report from… USDA of crop conditions and stages in the USA.
This text was translated by machine from Brazilian Portuguese.