Image: Freepik
The soybean market continues to decline on the Chicago Stock Exchange this Wednesday (24). Oilseed futures, around 8:05 am (Brasília time), fell between 4.75 and 8.25 points in the main maturities, taking July to US$ 13.17 and November to US$ 11.79 per bushel. The greatest pressure, according to analysts and consultants, still comes from expectations of a good harvest in the USA given the current weather conditions.
What draws traders' attention now is the signs brought from the updated maps that indicate lower rainfall and higher temperatures in the coming weeks, which could cause some complications for the development of crops if the scenario is confirmed.
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In addition to the weather, the market is also paying attention to the behavior – still contained – of demand for soybeans, as well as the competitiveness between the Brazilian and American products in the coming months. Until August, Brazil should continue to lead sales, with the USA probably taking the lead from September onwards.
Still this Wednesday, the market also retreats following new lows registered for corn and wheat futures, as well as soybean bran and oil.
Source: Notícias Agrícolas
