Soybean Prices Move Sideways in Chicago on Tuesday After Previous Surge

Soybean futures are moving sideways on the Chicago Board of Trade this Tuesday morning (Oct. 24), following the previous session’s surge. By 6:30 AM (Brasília time), prices showed modest gains of 0.75 to 1.25 points, with November contracts trading at $10.40 and May at $10.84 per bushel.

The market remains focused on the adverse weather conditions in Brazil, where high temperatures and a lack of rainfall continue to hinder planting progress in key regions, providing price support. Argentina, Paraguay, and Bolivia are facing similar situations.

Traders are also paying close attention to demand trends, with new sales reported by the USDA on Monday, and to the U.S. harvest, which has reached 13% of the area as of last Sunday (22), exceeding last year’s rate and the multi-year average.

The financial market is also in focus, particularly the performance of the U.S. dollar. Yesterday, a combination of rising prices in Chicago and the strength of the dollar against the Brazilian real led to price increases in the Brazilian market, resulting in trades of over one million tons of soybeans.