On Tuesday (19), the futures of soy traded on the Chicago Board of Trade (CBOT) fell, giving back the gains from the previous session. At around 6:20 am (Brasília time), the prices of the most traded positions showed losses of 4.75 to 6.25 points. The January contract was trading at US$ 10.03 per bushel, while the May contract was at US$ 10.38 per bushel.
Supply and climate favor the market
Global soybean supply is consolidating with the completion of the harvest in the United States and the advancement of planting in Brazil. Brazilian crops are in the final stretch of sowing, benefiting from favorable weather conditions that support good prospects for the harvest. In Argentina, the effective start of the 2024/25 harvest is scheduled for the coming weeks, also with positive projections.
China demand and trade uncertainties
Meanwhile, demand for soybeans remains consistent, with China maintaining its purchases, albeit in a more fragmented manner. The Asian giant is taking advantage of the best opportunities between the US and Brazilian markets. However, the sector is closely monitoring the beginning of 2025, especially trade relations between the United States and China, with the possible return of Donald Trump to the US presidency.
Despite the fluctuations, the market seeks to maintain the psychological level of US$ 10.00 per bushel, considered essential to sustain the moment of transition and uncertainty.
Soy derivatives and financial market in focus
The soy derivatives market also deserves attention. Soybean oil futures traded on the CBOT continue to take profits after recent rallies, while soybean meal is stable but remains attentive to Argentine supply.
Furthermore, the behavior of the dollar remains on traders' radar, directly influencing prices and the global competitiveness of the soybean market.
Source: Carla Mendes | Notícias Agrícolas
