Soybean prices kicked off a new week and semester with mixed movements on the Chicago Board of Trade (CBOT). As of 7:30 AM (Brasilia time) on Monday (1st), the market showed gains in near-term contracts and losses in the more distant ones. The July contract rose by 9.50 points to $11.60 per bushel, while November fell by 0.75 points to $11.03 per bushel.
According to experts and consultants, the data released by the USDA (United States Department of Agriculture) last Friday (28th) had little impact on the soybean market. Thus, traders continue to focus on the development of the new U.S. crop.
The weekly crop progress report, to be released by the USDA later this afternoon at 5 PM (Brasilia time), is expected to show stable conditions for U.S. soybean fields or only a slight one-percentage-point decline in the classification of fields in good or excellent condition, according to Ginaldo Sousa, general director of Grupo Labhoro.
"Over the weekend, there were light rains in the eastern states, with more concentrated rainfall in Iowa, Wisconsin, Minnesota, and the Dakotas. However, temperatures were milder throughout the Midwest," Sousa noted. "Weather models are predicting light rains for the eastern states and heavy rains for Missouri, Iowa, parts of Minnesota, and Wisconsin."
Additionally, attention is also focused on the USDA's weekly grain export shipments data, which will also be released on Monday.
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