Soybean Prices Rebound in Chicago on Thursday After Three Sessions of Losses

Soybean prices rose on Thursday morning (11th) on the Chicago Board of Trade. After three consecutive sessions of significant losses, accumulating more than a 3% drop, and on the eve of the USDA's (United States Department of Agriculture) new monthly supply and demand report, the market is seeking a breather and testing gains of 3.75 to 8.75 points in the most traded contracts. Thus, around 7:40 AM Brasília time, August was priced at $11.22 and November at $10.70 per bushel.

However, pressure from the new American crop continues. The possibility of a record production still weighs on prices, combined with slow demand for American soybeans and favorable weather conditions expected for the country in the coming weeks. Expectations for the USDA report are that at least the estimate of a crop of more than 121 million tons will be maintained.

Additionally, on Wednesday, soybean futures rose, tracking the more than 1% advance in corn and wheat prices on the CBOT. Furthermore, the recovery in oil prices, which also fell significantly yesterday, with gains of more than 1%, is helping to boost grain prices.