Soybean prices continued their downward trend on the Chicago Board of Trade this Wednesday (10th), marking a consistent decline since the beginning of the week. By around 7:45 AM Brasília time, prices were down between 0.25 and 2.75 points in the most traded contracts, further pulling back on longer-dated futures and pushing November/24, a benchmark for the American crop, to $10.77 per bushel.
The market reflects ongoing optimism about the robust American crop. Favorable weather conditions are expected in the coming days, aiding crop development and keeping prospects of another record production in focus for traders.
Weak demand for US soybeans is another factor weighing on CBOT prices, exacerbated by lackluster export programs.
Additionally, market participants are adjusting their positions ahead of the USDA's upcoming monthly supply and demand report, scheduled for Friday, July 12th.
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