Soybean prices declined on Tuesday morning (Sept. 10) in the Chicago Board of Trade (CBOT) due to a profit-taking movement after gains in the previous session. By around 7:55 a.m. (Brasília time), prices had dropped by over 10 points—or more than 1%—in the most traded contracts, erasing the earlier session’s gains. As a result, November soybeans were priced at $10.05 per bushel, and March at $10.37 per bushel.
In addition to the adjustments, prices are also reacting to the latest weekly crop progress report released by the U.S. Department of Agriculture (USDA) yesterday afternoon. The report showed that 65% of U.S. soybean crops remain in good or excellent condition, unchanged from the previous week. Additionally, it noted that the U.S. corn harvest had started, with 5% of the area harvested so far.
With this data in hand, traders continue to wait for fresh developments, as the current information has limited potential to keep supporting prices. Weather conditions in the U.S. and Brazil, along with demand trends, remain the market’s key focus.
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