Below is the drop in soybean prices on the Chicago Stock Exchange on the morning of this Wednesday (1). At around 7:55 am (Eastern time), the oilseed futures yielded between 6.50 and 7.25 points, with the November/21 contract worth US$ 12.85 and the May/22 contract, US$ 13.04 per bushel. Earlier, the market tested slight rallies seeking to rebound from two-week lows hit in recent days, but returned to negative territory.
Part of the pressure comes from the logistical problems faced by the New Orleans area after Hurricane Ida hit. The damage caused by the adverse conditions has kept grain exports through the place interrupted and with no forecast of resumption, at least for the time being.
Thus, the competitiveness of the US against other origins is also compromised, which has even made China come to Brazil for soybeans this week for shipment in October, even though it is more expensive than the competitor.
Alongside this scenario, the market also feels the pressure coming from the good weather conditions expected for the next few days, allowing a good conclusion of the American harvest, as well as the proximity of the harvest in the United States, which also leads the market to a well-known low seasonality in prices.
On the financial side, oil futures are rising again, while the dollar index operates with stability, on the positive side of the table.
See how the market closed this Tuesday:
Carla Mendes | Instagram @jornalistadasoja