Soybean prices continue to decline on the Chicago Board of Trade (CBOT) this Tuesday (13th), following the latest numbers reported by the U.S. Department of Agriculture (USDA) on Monday (12th). Around 8:30 AM (Brasília time), prices were down between 14.75 and 15.25 points in the most traded contracts, with September quoted at $9.56 and November at $9.71 per bushel.
The market is still digesting expectations of a larger U.S. crop in 2024/25, along with higher ending stocks, which continue to weigh on prices. Additionally, the final stretch of the 2024/25 season is expected to proceed smoothly, with favorable weather conditions.
The ongoing drop in soybean meal and oil prices on Tuesday also contributes to the decline in soybean prices. Soybean oil is down more than 2%, dropping below 40 cents per pound, while soybean meal returns to negative territory after the end of the strike by processors in Argentina, which had been ongoing since last week.
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