Soybean prices experienced a decline on the Chicago Board of Trade this Monday morning (22nd), reversing gains from the previous session. Soybean futures retreated between 4 and 4.50 points, with May contracts trading at $11.46 and August at $11.62 per bushel. This movement contrasts with the trend observed in corn and, especially, wheat markets, which saw significant increases. Wheat, in particular, surged by over 1%.
However, within the soybean complex, there was no unified direction. Soybean oil futures rose, testing an increase of over 0.8% among the most traded positions, while soybean meal prices dropped by over 1%, maintaining a sideways market for soybeans.
Market participants are keeping a watchful eye on the progress of the new crop in the United States and the weather conditions influencing it. So far, experts indicate that the environment is favorable for the new season.
"The predominantly dry weather over the weekend throughout the Corn Belt allowed for significant progress in planting," said Ginaldo Sousa, CEO of Grupo Labhoro. Forecasts continue to suggest a favorable scenario for fieldwork.
According to the latest meteorological models, dry weather is expected to persist for the next 10 days in states in the eastern corridor, such as Ohio, Indiana, eastern Illinois, as well as parts of North Dakota and South Dakota.
In addition to weather conditions, traders are keeping an eye on the geopolitical landscape, especially tensions in the Middle East, as well as the conflict between Russia and Ukraine. They are also closely monitoring the macroeconomic outlook and the conclusion of the harvest in South America.
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