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Chicago falls again, reflecting greater supply from South America and strong dollar

Chicago falls again, reflecting greater supply from South America and strong dollar
Chicago falls again, reflecting greater supply from South America and strong dollar
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Soybean grain contracts record lower prices in electronic session negotiations on the Chicago Commodity Exchange (CBOT). Once again, the market begins the trading day under pressure. Abundant supply, with the start of the Brazilian harvest and the optimistic outlook for production in Argentina, together with concerns about demand in China, negatively influence prices. The strong acceleration of the dollar against other currencies completes the bearish picture for prices.

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Contracts expiring in March operate at US$ 12.13 per bushel, a decrease of 9.25 cents, or 0.75%, in relation to the previous closing.

Yesterday (31), soybeans closed with higher prices, on a day of great volatility. In the last session of the month, investors sought to adjust their portfolios, reducing the losses accumulated in January (5.84% in the March position). The sessions, both on Tuesday and Wednesday, were about positioning. Traders sought to take profits following the significant gains recorded the previous day. The fundamental scenario remains negative for prices, which reached their lowest levels in two years recently.

Soybean grain contracts for delivery in March closed up 3.50 cents, or 0.28%, at US$ 12.22 1/4 per bushel. The May position was quoted at US$ 12.32 3/4 per bushel, with a gain of 5.00 cents or 0.40%.

The article is in Portuguese

Tags: Chicago falls reflecting greater supply South America strong dollar

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