On Tuesday morning (14), soybean prices resumed their downward trend on the Chicago Board of Trade, retracting some of the gains made in the previous session. Quotations were down between 6.25 and 7.25 points in the main contracts, with August trading at US$12.12 and August at US$12.16 per bushel around 7:20 a.m. (Brasília time).
The soybean market is following the sharp losses observed in oil futures this morning, which are down over 2.5% in the most traded positions. On the other hand, soybean meal was trading positively but with very modest gains.
Meanwhile, wheat prices on the CBOT were also falling, while corn was rising.
Traders' attention is now focused on the weather in the American Midwest and the progress of planting. Yesterday, numbers from the USDA (United States Department of Agriculture) indicated that fieldwork was slightly below market expectations.
Regarding soybeans, planted area reached 35%, below the market's expectations of 39%. In the previous week, the index was at 25%, compared to 45% at the same time last year and an average of 34% over the last five seasons. The report also informs that 16% of fields have already emerged, compared to 9% the previous week and a 10% average.
Illinois, the largest soybean producer in the US, already has 39% of its area planted, well below the 74% recorded at the same time in 2024. However, the state's average is 43%. Thus, weather conditions are being closely monitored, as well as their impacts on fieldwork progress in the country. The next 15 days are expected to continue to be very rainy in the American Midwest.
Attention is also on the weather in Rio Grande do Sul, as rains continue in the state and many soybean areas that have not yet been harvested remain submerged.
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