Soybean futures traded on the Chicago Stock Exchange continue to retreat this Tuesday (16), deepening their lows in the early afternoon today. Around 12:50 pm (Brasília time), prices dropped almost 30 points, with November being quoted at US$ 13.82 and March at US$ 13.91 per bushel, with the market still feeling aggressive pressure from the mixture between fundamentals and financial scenario.
Oilseed futures retreat despite the 1% reduction in crops in good or excellent soybean conditions in the US brought yesterday by the USDA (United States Department of Agriculture) in its weekly crop monitoring report. After all, the weather conditions expected for the next few days in the Corn Belt are more favorable to the conclusion of the harvest.
The maps for the next few days indicate better rains for the western and northern regions of the belt, in addition to milder temperatures, which helps to maintain some pressure on prices.
Likewise, traders still keep China and its economy showing signs of concern still on the radar. The unexpected interest rate cut earlier this week left the market very risk averse and attentive to the behavior of its demand.
Thus, all commodities continue to retreat this Tuesday. The casualties are more timid, but still widespread. Oil, which came to test the positive side of the table, retreated again and lost more than 2% in WTI, which returned to work below US$ 88.00 per barrel.
Carla Mendes | Instagram @jornalistadasoja