The soybean market starts the week with intense drops on the Chicago Stock Exchange. Around 7:10 am (Brasília time), prices lost between 11.25 and 14.25 points in the most traded contracts, with July worth US$ 11.65 and November, a reference for the American harvest, US$ 11.38 per bushel. Intense declines also occur in the futures of soybean meal and oil, corn and especially wheat, which accounts for more than 2% of the fall in the CBOT, helping to put pressure on the oilseed.
In part, losses occur among prices negotiated in Chicago due to suitable weather conditions in the United States. Last weekend saw few, punctual rains, with forecasts indicating, however, that the next 10 days should see little rainfall.
However, "the dry areas, with water deficits that are not yet so significant in the American Midwest, are increasing substantially, and the humid areas, which were the majority, are being drastically reduced", warns the general director of the Labhoro Group, Ginaldo Sousa.
In other parts of the world, the climate is also a concern, such as southwest India, northern China and the Black Sea region, all of which are suffering from dry weather.
Agricultural commodities have widespread declines, with soybeans and derivatives falling sharply in Chicago this 2nd
Published on 06/17/2024 07:20
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The soybean market starts the week with intense drops on the Chicago Stock Exchange. Around 7:10 am (Brasília time), prices lost between 11.25 and 14.25 points in the most traded contracts, with July worth US$ 11.65 and November, a reference for the American harvest, US$ 11.38 per bushel. Intense declines also occur in the futures of soybean meal and oil, corn and especially wheat, which accounts for more than 2% of the fall in the CBOT, helping to put pressure on the oilseed.
In part, losses occur among prices negotiated in Chicago due to suitable weather conditions in the United States. Last weekend saw few, punctual rains, with forecasts indicating, however, that the next 10 days should see little rainfall.
However, "the dry areas, with water deficits that are not yet so significant in the American Midwest, are increasing substantially, and the humid areas, which were the majority, are being drastically reduced", warns the general director of the Labhoro Group, Ginaldo Sousa.
In other parts of the world, the climate is also a concern, such as southwest India, northern China and the Black Sea region, all of which are suffering from dry weather.
Thus, although the climate outlook brings important warnings, the market still remains under pressure, faced with a scenario that, at least for now, does not yet pose very clear concerns. Furthermore, Monday shows a little more risk aversion on the part of investors, with commodities showing a general decline, with soft commodity futures - such as sugar and cotton - losing more than 2%.
Gold and oil also work on the negative side of the table, while the dollar index rises against a series of other currencies. According to international analysts, markets are waiting for new data on the North American economy scheduled for this week, as well as new comments from Federal Reserve authorities on the American interest rate.
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