The new week kicked off with soybean prices trading on the positive side at the Chicago Board of Trade (CBOT). On Monday morning (August 19), around 7:20 AM (Brasília time), the most traded contracts saw gains of over four points, with September contracts valued at $9.43 and November at $9.61 per bushel. Soybean prices were following the lead of soy meal, which also recorded gains of over 1%, while soybean oil remained stable, dipping slightly by 0.1%.
At the CBOT, corn futures were also experiencing modest gains, while wheat futures dropped nearly 1% in the most traded contracts. The market continues to witness position adjustments and technical corrections, like today's session, but the fundamental outlook still exerts pressure on prices, especially with the promising prospects for the upcoming U.S. harvest. Favorable weather conditions continue to support crop development, and traders remain vigilant about the potential for a record U.S. soybean harvest, estimated at over 124 million tons.
This week, the market will also focus on updates from the Pro Farmer Crop Tour, the most traditional crop tour in the U.S., which could significantly influence prices. On the demand side, China's presence in the market has been more frequent, particularly in the U.S., where American soybeans have become more competitive than Brazilian ones, offering some support to prices. However, the commercialization of the 2024/25 crop is still lagging in both countries.
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