The August soybean contract traded on Chicago Board of Trade (CBOT) It closed this Tuesday (28) with a slight increase of 3.50 points and 0.29%, quoted at US$ cents 1,212.00/bushel; the September contract rose 5.00 points and 0.42%, to US$ cents 1,204.75/bushel. As for derivatives, the bran and the oil They depreciated by 0.16% and 0.98%, respectively. In this trading session, prices were supported by the release of the weekly report of… United States Department of Agriculture (USDA), which showed a worsening in crop conditions. According to the survey, 63% of soybean areas were classified as good or excellent, below the 66% recorded in the previous week and also below market expectations. At the same time, crop development continues at an accelerated pace. 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 cultivated area, exceeding the historical average of 39% for the period. In the climate field, the daily bulletin of USDA It was reported that overnight storms in the Corn Belt brought beneficial moisture to crops, but also caused localized damage from strong winds and hail, mainly in a strip stretching from eastern Wisconsin to central Kentucky. Chinese demand also contributed to the positive market bias. The state-owned 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. According to analysts, the measure indicates that the state-owned company seeks to free up space in its stocks to receive new shipments of the oilseed, including volumes from the USA. However, soybean gains were limited by the new drop in oil prices on the international market. The devaluation of the commodity reduces the competitiveness of biofuels produced from oilseeds and cereals, decreasing support for agricultural prices.
This text was translated by machine from Brazilian Portuguese.