The August soybean contract traded on Chicago Board of Trade (CBOT) The Brazilian futures contract closed this Friday (24) with a strong increase of 10.50 points and 0.85%, quoted at US$ cents 1,248.00/bushel; the September contract advanced 9.25 points and 0.75%, to US$ cents 1,240.25/bushel. For the week, the contracts accumulated gains of 3.61% and 3.92%, respectively. As for derivatives, the bran It rose 0.42%, while the oil It depreciated by 1.67%.
Corn
The September corn contract finished stable with an upward bias (0.25 points and 0.05%) in ChicagoThe Brazilian soybean futures contract closed at US$ cents 464.25/bushel, with a weekly gain of 4.38%. The December contract closed stable at US$ cents 487.50/bushel – with a weekly gain of 4.28%.
Wheat
The September wheat contract traded in CBOT It fell 18.25 points and 2.62%, trading at US$ 678.00 cents/bushel, with a weekly decline of 0.70%. Kansas City Bank Exchange (KCBT)The contract expiring in the same month depreciated by 14.50 points and 1.91%, to US$ cents 745.25/bushel – a weekly gain of 1.78%.
Market fundamentals
In this trading session, soybean and corn prices reversed the losses seen earlier in the morning amid rising oil prices, fueled by increased tensions between the United States and Iran in the Middle East. The rise in oil prices tends to improve the economic competitiveness of biofuels produced from oilseeds and grains, strengthening demand for agricultural raw materials. The market is also closely monitoring weather conditions in the Corn Belt, the main soybean and corn producing region in the US. Expectations of higher temperatures in the coming days have increased concerns about crop development during the reproductive and grain-filling stages. In its daily bulletin, the Department of Agriculture (USDA) He reported that temperatures remain favorable for summer crops, but highlighted that reduced soil moisture is already a concern in some producing areas. Meanwhile, the National Weather Service (NWS) The forecast predicts an intensification of the heat over the next few days. In the wheat market, the decline mainly reflected profit-taking after the strong appreciation recorded in recent trading sessions, driven by concerns about the global supply of the cereal due to the ongoing attacks by Russia and Ukraine against bulk carriers and port infrastructure in the Black Sea and the Sea of Azov. Furthermore, the USDA It highlighted that, although isolated rains have occurred in the North American Plains, the advance of heat and the persistent scarcity of soil moisture continue to represent risks for pasture areas and rainfed crops. According to the agency, high temperatures favor the harvest of winter wheat and accelerate the maturation of spring cereals, but water deficiency continues to be a factor of concern. Next Monday (27), market attention will be focused on the release of the weekly reports of USDA Regarding grain shipments and the stages and conditions of US crops.
This text was translated by machine from Brazilian Portuguese.