Soybean prices retreated in the Chicago Board of Trade (CBOT) on Thursday (22nd) after two consecutive sessions of gains. Despite the downturn, the March contract remained above $10.00 per bushel. As of 7:50 AM (Brasília time), prices were down between 5.50 and 6.50 points in the most actively traded contracts, with September quoted at $9.56 and November at $9.76 per bushel.
The market continues to be pressured by fundamentals and the prospects of a record U.S. harvest, which is set to begin next month. Recent Pro Farmer estimates for Indiana, Nebraska, parts of Iowa, and Illinois reinforce the positive outlook for the season, though with some discrepancies compared to USDA (United States Department of Agriculture) figures, which is common.
This week, however, more positive news on the demand side, including new sales announcements by the USDA, provided significant support to CBOT prices. Today, the market is also awaiting the weekly export sales report, which will be released by the USDA.
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