This Wednesday morning (27), the soybean market at the Chicago Stock Exchange saw further declines, mirroring the trend from the previous session. As of 7:30 am (Brasília time), major positions are down by 4.50 to 5.75 points, with May contracts at US$11.93 and August contracts at US$12.05 per bushel.
Traders are eagerly anticipating tomorrow's release of USDA (United States Department of Agriculture) reports at 1 pm (Brasília time) on March 28th. These reports will update quarterly North American grain stocks and provide planting intention data for the 2024/25 harvest. Market forecasts suggest an expansion in soybean planting area at the expense of corn.
With the USDA bulletins on the horizon, the market is in a holding pattern, assessing the potential impacts of the information and adjusting strategies accordingly.
Cristiano Palavro, director of Pátria Agronegócios, underscores the uncertainty surrounding factors such as American harvest weather conditions and harvests in other key regions like Brazil and Argentina. Additionally, international competition, notably with Argentina poised to commence its harvest with more competitive prices, is influencing the grain market dynamics.
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