Despite highs in meal and intense lows in oil, soy works with stability in Chicago this Tuesday. In this Tuesday morning (30th), soy is working with slight lows among the most traded contracts, giving back the highs from the previous session. Around 6:50 am (Brasília time), the losses ranged from 1.50 to 4.25 points, with May quoted at US$11.56 and July at US$11.80 per bushel.
Grain futures were sideways, despite strong lows in soybean oil, over 2% between the most quoted positions, and good highs in meal, with a 1% advance, continuing the highs from the previous session, still keeping an eye on the Argentine strike.
The market is working with an eye on the latest numbers that the USDA (United States Department of Agriculture) reported late yesterday afternoon, pointing to a significant advancement in American planting. In one week, the area planted with soybeans in the country jumped from 8% to 18%, slightly above market expectations. Still, according to analysts and market consultants, there is a lack of news that can boost the market more intensively. Thus, most of the attention is on the weather behavior in the American Midwest, with forecasts of more evenly distributed rains in the belt in the coming days. And although good news hasn't come from this front, demand continues to be monitored, as well as macroeconomic and geopolitical scenarios.
Furthermore, Tuesday is a day of generalized lows for almost all agricultural commodities, and in Chicago, leading the losses is wheat, also continuing the movement from the previous session. Close to 7:10 am, the contracts were losing almost 1%.
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