At 9:25 am (Brasilia time) this Tuesday (28), the August soybean contract traded on Chicago Stock Exchange (CBOT) The Brazilian futures contract was trading slightly lower, down 3.50 points and 0.29%, at US$ cents 1,205.00/bushel. The September contract was down 5.00 points and 0.42%, at US$ cents 1,194.75/bushel. In the case of derivatives, the… oil and the bran They depreciated by 0.62% and 0.28%, respectively. This morning, the market was pressured by the sharp decline in oil prices, driven by optimism surrounding a possible diplomatic solution to the conflict between the United States and Iran. The expectation of reduced geopolitical tensions and the normalization of navigation in the Strait of Hormuz diminishes the attractiveness of biofuels, affecting the prices of oilseeds and cereals used in the production of renewable fuels. On the other hand, losses were partially limited by new data from… U.S. Department of Agriculture (USDA)The report, which showed deterioration in the conditions of the country's soybean crops, indicated that 63% of cultivated areas were classified as good or excellent, down from 66% the previous week and below market expectations. The survey also showed progress in crop development. As of last Sunday (26), 80% of crops had reached the flowering stage, above the five-year average of 74%. Pod formation reached 47% of the area, exceeding the historical average of 39% for the period. In the weather field, the National Weather Service (NWS) reported that the heat wave will continue to prevail in much of the country, covering areas from New Mexico to the southern Atlantic coast and from southern Illinois to the Gulf Coast, maintaining the risk of stress for crops in the reproductive phase. Chinese demand is also on investors' radar. The state-owned company Sinograin announced that it will hold an auction on Friday (31) for approximately 500,000 tons of imported soybeans, the first operation of this size since January. The market interprets the move as an indication that the company is seeking to free up space in its stocks for the arrival of new shipments, including soybeans from the USA.
This text was translated by machine from Brazilian Portuguese.