The July soybean contract traded on Chicago Stock Exchange (CBOT) The futures contract closed this Wednesday (24) with a moderate drop of 8.25 points and 0.74%, quoted at US$ cents 1,108.25/bushel; the August contract fell 7.25 points and 0.65%, to US$ cents 1,116.75/bushel. In the partial week, both assets lost 1.25% and 1.02%, in that order. In the case of derivatives, the oil It fell 1.60%, while the bran The price of biofuels rose 0.23%. In this trading session, prices were pressured by the strengthening of the dollar against major global currencies, with a 0.20% increase in the DXY, which reduces the competitiveness of US exports. Another bearish factor was the fall in international oil prices, which makes biofuels produced from grains and oilseeds less attractive. Meanwhile, investors remain attentive to international demand, including recent purchases of soybeans and corn by China, as well as weather conditions in the US Midwest. The market is also awaiting the release, on June 30th, of the quarterly planted area and stock reports. U.S. Department of Agriculture (USDA), considered among the most important of the year for grain price formation. According to the daily bulletin of USDAThe weather conditions continue to be largely favorable for the development of North American crops. Temperatures and soil moisture levels remain adequate for summer crops, which are advancing into more important phases of the production cycle. The department highlighted the occurrence of isolated rain and thunderstorms in the Great Lakes region throughout Wednesday, while most of the rest of the Midwest recorded mild weather and satisfactory conditions for crop development. For tomorrow (25), market attention turns to the weekly export sales report of USDAwhich could offer new clues about the pace of international demand for US soybeans.
This text was translated by machine from Brazilian Portuguese.