Soybeans: Market makes profits in Chicago this Tuesday, after more than 30 pts rise in the previous session

Tuesday morning (7) is a time of profit-taking for soybean prices on the Chicago Stock Exchange. Oilseed futures, around 7:20 am (Brasília time), lost 5.75 to 6.75 points, with July quoted at US$ 12.42 and August at US$ 12.40 per bushel. The exception is May, which will leave the screen in the next few days, rising 0.50 points to US$12.35.

The market returns a small part of the increases of more than 30 points registered in yesterday’s CBOT session, reflecting concerns about the losses of soybeans in Rio Grande do Sul due to the floods, as well as the strong increases in bran, which have returned to fire in the face of concerns about, in addition to the climate in RS, the strikes that could happen again in Argentina, reducing the supply of the derivative.

Furthermore, prices are also falling due to the good progress of planting in the United States. The adequate pace continues, however, the numbers brought by the USDA (US Department of Agriculture) late yesterday afternoon indicated soybean sowing at 25%, while the market expected 28%. The previous week it was 18%, last year it was 30% and the multi-year average was 21%.

The report also pointed out that 9% of soybean crops have already emerged, compared to 7% in the same period last year and 4% on average.

Attention is now, therefore, on the weather conditions in the country and the scenario that will be designed so that field work continues to take place in the country.

See how the market closed this Monday: