The August soybean contract traded on Chicago Board of Trade (CBOT) The Brazilian futures contract closed this Wednesday (29) with a sharp drop of 34.00 points and 2.81%, quoted at US$ cents 1,178.00/bushel; the September contract fell 28.75 points and 2.39%, to US$ cents 1,176.00/bushel. In the partial week, the assets accumulate losses of 5.61% and 5.18%, in that order. As for derivatives, the bran and the oil The respective prices fell by 1.56% and 2.25%. In this trading session, the market was pressured by new weather projections, which indicate increased rainfall in the last days of July and the beginning of August over important areas of the Corn Belt. According to climate models, the passage of an instability system should increase soil moisture during a period considered crucial for the development of soybean and corn crops, reducing some of the concerns about the weather. Throughout July, crop conditions were hampered by a warmer and drier environment, precisely during critical phases of crop development. According to the latest survey by U.S. Department of Agriculture (USDA)66% of soybean crops were classified as good or excellent, 3 percentage points lower than the previous week. Part of the losses, however, was limited by the appreciation of oil in the international market, a factor that tends to increase the competitiveness of biofuels produced from oilseeds and cereals. On the radar, the USDA tomorrow (30) will release weekly export sales data, in addition to an update on monitoring areas affected by drought in the US.
This text was translated by machine from Brazilian Portuguese.