Soybean Dips in Chicago This Monday, but Focus Remains on Corn Belt Weather

Soybean futures kick off the week on a downward trend at the Chicago Board of Trade, testing slight declines among the most traded positions. Around 7:20 a.m. (Brasília time) this Monday (13), prices were down just over 3 points, with July quoted at $12.14 and August at $12.17 per bushel.

The market retraces part of the gains it saw last Friday (10), when soybeans advanced despite the bearish USDA (United States Department of Agriculture) report, following the lead of corn and, particularly, wheat, which closed the previous session with over a 4% increase.

With the report behind and the numbers known, markets are now keeping an eye on the weather in the U.S. for the development of the new American crop. "Throughout the weekend, dry weather prevailed in the Corn Belt, and the forecast indicates moderate rains expected to persist over the next 10 days in the belt," says Ginaldo Sousa, CEO of the Labhoro Group.

In parallel, traders remain attentive to demand and the weather in Rio Grande do Sul, which continues to punish the 2023/24 soybean production, with Emater signaling that losses in the areas yet to be harvested could reach 100%.