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Rain in Argentina over the weekend puts pressure on CBOT prices.
At 8:17 am (Brasília time) this Monday (12), the January soybean contract on the Chicago Stock Exchange (CBOT) showed a sharp drop of 20.75 points and 1.40%, quoted at US$ cents 1,463.00/bushel; that of March fell 20.25 points and 1.36%, trading at US$ cents 1,468.00/bushel.
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Grain followed the losses of derivatives: bran and oil fell by 1.74% and 1.07%, respectively.
Last Friday (9), the oilseed spot ended the session slightly lower at 0.17%, pressured by the significant devaluation of 2.12% of oil and the monthly supply and demand report from the United States Department of Agriculture (USDA) , which brought, in general, negative data to commodity prices.
This morning, the rain that fell in Argentina over the weekend was putting pressure on, which gave relief to the outlook for soybean production in the South American country, which has been facing a severe drought. There were also precipitations in Brazil, whose sowing reached its final stage.
However, losses were limited by the relaxation of the zero covid policy in China, the largest global importer of soybeans.
Developments in the war in Eastern Europe and the monetary policy decision of the Federal Reserve (Fed, the central bank of the United States) remain on the radar. The USDA will release its weekly shipments report today.
Source: datagro
