Soybean prices rose on the Chicago Board of Trade (CBOT) on Tuesday morning (18th) after dropping more than 20 points in the previous session. The market is attempting to regain some momentum after recent losses while closely monitoring updates from the new U.S. crop, which is currently the primary driver for prices. As of 7:40 AM (Brasília time), prices increased by 3 to 4 points in the most actively traded contracts, with July trading at $11.61 and November at $11.33 per bushel.
Yesterday, the USDA (United States Department of Agriculture) reported a reduction in the percentage of crops rated as good or excellent, lowering the figure from 72% to 70%. Despite the adjustment, the percentage remains high and indicates a promising new crop from the U.S., as explained by analysts and consultants. Additionally, traders are monitoring the slow pace of the U.S. export program, with demand still subdued and primarily focused on Brazil for available soybeans.
The sharp rise in the dollar against the real, with the U.S. currency surpassing R$ 5.40 once again yesterday, is also being watched and has a direct impact on CBOT prices.
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