Soybean Hold Steady in Chicago on Thursday

Soybean prices continue to face pressure on the Chicago Board of Trade (CBOT), but they are showing stability this Thursday morning (8th). As of 7:55 am (Brasília time), prices have slipped slightly, ranging between 1.25 and 1.50 points, with the September contract priced at $10.04 and the November contract at $10.17 per bushel. Soybean oil and meal futures, which experienced intense movements in the previous session, are now seeing more subdued fluctuations, with a slight rise in meal prices and a marginal drop of over 0.5% in oil.

The market lacks substantial new developments strong enough to influence price behaviors significantly, remaining focused on U.S. weather conditions and the promising development of the new American soybean crop, while demand for the local product continues to be somewhat sluggish.

However, U.S. soybeans are becoming increasingly attractive, with reports from Agrinvest Commodities indicating that American offers at the Gulf are now cheaper than Brazilian ones. As market analyst Eduardo Vanin points out, sales have been made to commercial processors rather than for storage.

Alongside the familiar market dynamics, traders are also preparing for the release of the new USDA (United States Department of Agriculture) monthly supply and demand report, expected on August 12.