At 9:40 am (Brasilia time) this Wednesday (5), the September soybean contract traded on Chicago Stock Exchange (CBOT) The Brazilian futures contract was operating with a moderate decline of 7.00 points and 0.60%, quoted at US$ cents 1,151.75/bushel. The November contract fell 7.25 points and 0.62%, to US$ cents 1,170.50/bushel. In the partial weekly figures, the assets are down 1.62% and 1.43%, respectively. Regarding derivatives, the bran and the oil They fell by 0.96% and 0.16%, respectively.
Corn
The September corn contract traded on CBOT The futures contract fell 3.75 points and 0.85%, quoted at US$ cents 438.50/bushel, with a partial weekly loss of 0.51%. The December contract fell 4.00 points and 0.86%, to US$ cents 461.50/bushel – a weekly depreciation of 0.54%.
Wheat
The September wheat futures contract traded in Chicago was up 5.75 points, or 0.90%, at US$ 644.25 cents per bushel. Kansas City Bank Exchange (KCBT)The contract for the same month fell 5.50 points and 0.78%, to US$ cents 712.500/bushel. Both assets have accumulated partial gains for the week, of 0.78% and 0.71%, respectively.
Market fundamentals
This morning, soybean and corn prices were pressured by the new drop in oil prices on the international market, after Qatar reported that mediators were making progress in negotiations to end the conflict between the United States and Iran. The expectation of reduced tensions diminishes the competitiveness of biofuels produced from oilseeds and cereals. At the same time, the market remains attentive to developments in the Middle East. Houthi rebels from Yemen, allied with Iran, claimed to have attacked a Saudi oil tanker in the Red Sea, increasing uncertainty about a definitive agreement. In the US, forecasts of rain in Corn Belt They also contributed to the pressure on prices. According to the National Weather Service (NWS)In Iowa and Illinois, the largest producers of soybeans and corn in the US, rainfall is expected throughout the rest of the week. Furthermore, forecasts indicate milder temperatures over the next six to ten days, favoring crop development. In the wheat market, prices found support in concerns about the flow of production through the Black Sea. The Ukrainian Minister of Agriculture stated that alternative export routes will not have sufficient capacity before the end of August and are expected to operate with only about half the volume normally shipped from ports affected by the Russian attacks. The logistical situation in Argentina also remained on the radar. A strike by harbor pilots paralyzed port operations on Tuesday (4), temporarily interrupting ship traffic. However, the Argentine government reported that it had reached an agreement with representatives of the category, allowing the resumption of activities in the country's main ports.
This text was translated by machine from Brazilian Portuguese.