Soybean prices in Chicago started the week with declines, following profit-taking and corrections across the grain markets. Wheat futures fell over 1%, pulling soybean and corn prices down as well. As of 6 AM (Brasília time) on Monday (16), soybean futures dropped slightly over 0.5%, with November contracts at $10.03 and March at $10.36 per bushel.
With the USDA’s monthly supply and demand report behind, traders are now turning their focus to weather patterns in Brazil and the start of the new planting season. Some weather models had predicted rain in key production areas for the second half of September, but the return of regular rainfall is still uncertain. Consequently, fieldwork progress is being closely monitored.
In the U.S., attention is on the approaching soybean harvest and the ongoing development of the corn crop, which had preliminary data released by the USDA in last week’s report. Logistics and demand behavior in the U.S. also remain key concerns for the market. Moreover, both soybean derivatives and the financial markets showed negative trends on Monday morning.
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