The July soybean contract traded on Chicago Stock Exchange (CBOT) It closed this Wednesday (3) with a moderate drop of 11.25 points and 0.97%, quoted at US$ cents 1,154.00/bushel. The August contract fell 10.75 points and 0.92%, to US$ cents 1,158.25/bushel. Regarding derivatives, the bran It fell 1.72%, while the oil It rose 0.38%. In this trading session, prices were pressured by favorable weather conditions for the development of North American crops. According to the daily weather bulletin. from the United States Department of Agriculture (USDA)The weather remains predominantly mild and dry in the Corn Belt, the country’s main soybean and corn producing region, with the exception of isolated rains between the Red River Valley and northern Nebraska. “With most of the US corn and soybeans planted—93% and 87%, respectively, as of May 31—conditions favor germination and rapid crop development,” the report highlighted. USDAAnother factor exerting pressure was the appreciation of the dollar against major global currencies, with a 0.33% increase in the DXY index, which reduces the competitiveness of US exports and limits buyer interest in the futures market. On the other hand, losses were partially contained by the sharp rise in oil prices in the international market, driven by increased geopolitical tensions between the United States and Iran. This movement is being closely monitored by market participants, since soybeans and grains are used in the production of biofuels. On investors’ radar, the USDA will release tomorrow (4) its weekly export sales report, an indicator that could provide new signals about the pace of international demand for US soybeans.
This text was translated by machine from Brazilian Portuguese.