According to StoneX, the quotes of soy on the Chicago Board of Trade (CBOT) recorded a slight increase in the previous week, remaining above USD 10.00 per bushel. This positive movement in the market was strongly influenced by exports from the United States for the 2024/25 harvest, which totaled 1.6 million tons, a volume above the upper limit of estimates, offering significant support for soybean prices.
The robust demand for American soybeans signals a strengthening market, especially as the harvest season approaches, which brings its own particularities. However, the progress of the harvest in the US also has its impact. According to the latest USDA report, the harvest has already reached 13%. This number is significantly higher than the average of 8% recorded in the same week last year. This progress could put pressure on prices, as the increase in supply tends to reduce prices, even if demand remains solid.
Meanwhile, in Brazil, the hot and dry weather prevailing in the main soybean producing regions is being closely monitored. Market players believe that these weather conditions could lead to later planting in some areas, which could impact future production. Recent data indicate that sowing has already reached 1.5% of the total planned area, with Paraná standing out with 11% of the planted area, while Mato Grosso registers only 0.3%. Despite the climate concerns, planting continues, albeit at a slower pace than expected.
Source: Leonardo Gottems | agrolink
