Soybean prices remain steady in Chicago this Wednesday, with anticipation building for upcoming USDA data later in the week.

As the day approaches for the release of the new monthly supply and demand report from the USDA (United States Department of Agriculture), the grain market on the Chicago Stock Exchange is undergoing adjustments, prompting a sense of caution. This Wednesday morning (6), soybean futures exhibited stability, experiencing a loss of 1.25 points in May, valued at US$ 11.47, while August saw a rise of 0.25 points to US$ 11.56 per bushel.

Despite the anticipation surrounding the USDA report, there is a consensus that the upcoming data might not be potent enough to significantly alter price trajectories. Bergman Grains Research, an international consultancy, notes, "Limited changes are expected for this Friday's report, with a focus on updates on South American production."

Forecasts suggest the possibility of a further reduction in Brazil's soybean harvest, but the market is already factoring in a decrease, waiting for the harvest to progress for a more accurate assessment. Consequently, attention is directed towards monitoring climatic conditions, including those in Argentina, where production is in the developmental and concluding stages.

In addition to production updates, market focus extends to considerations of demand, the macroeconomic landscape, and the initial outlook for the 2024/25 harvest in the United States.