Soybean Prices See Modest Gains in Chicago on Monday

Soybean prices began the week with slight gains on the Chicago Board of Trade. As of 6:20 AM (Brasília time), prices had pulled back between 3 and 4 points for the most active contracts, with November trading at $10.08 and March at $10.41 per bushel during Monday’s session (Sept. 9). The market is approaching the week with caution, as key data reports are expected in the coming days.

On Monday evening at 5 PM, the USDA will update crop condition ratings for U.S. soybeans, which could impact market sentiment. Additionally, the USDA’s monthly WASDE report (World Agricultural Supply and Demand Estimates) will be released on September 12.

At the same time, weather conditions in both the U.S. Corn Belt and Brazil are being closely monitored, with U.S. soybean harvests and Brazilian plantings about to commence. Persistent hot and dry conditions could slow the early planting pace in Brazil.

The soybean market is also drawing support from a rebound in soybean oil prices, which rose over 1% on Monday, recovering from last Friday’s sharp drop. The recent volatility was largely driven by disruptions in trade relations between China and Canada, which have affected the canola oil market.