Soybean Continue Upward Trend, But Tuesday's Trading on the Chicago Board of Trade is More Restrained

Soybean futures on the Chicago Board of Trade continued to rise in Tuesday's trading session (July 23), although the movement was more subdued compared to Monday's surge. By around 7:40 AM (Brasília time), prices had increased by 2.25 to 3.50 points in the most traded contracts, with August priced at $11.20 and November at $10.72 per bushel.

The market remains positive, albeit taking a breather after the previous session's intense activity. Traders are keeping a close eye on the combination of political and fundamental factors, particularly the unexpected withdrawal of Joe Biden from the U.S. presidential race. This development increases the possibility of Kamala Harris becoming the Democratic Party's candidate. Meanwhile, attention is also focused on the development of the new American crop.

In its end-of-day report yesterday, the USDA (United States Department of Agriculture) maintained the soybean crop rating as good or excellent, while showing a slight decline in corn. Weather forecasts for the Corn Belt over the coming days, which are not particularly favorable, are also under scrutiny.