Soybean prices fell again on the Chicago Board of Trade on Friday morning (12th), in anticipation of the new figures to be reported by the USDA (United States Department of Agriculture) in its monthly supply and demand bulletin. Around 7:50 AM Brasília time, prices were down between 3.50 and 6.50 points in the most traded contracts, with August at $11.10 and November at $10.64 per bushel.
The market is giving back the gains from the previous session and continues to reflect the prospects of a bountiful new crop in the US, regular weather conditions in the Midwest, and still sluggish demand for US products, both soybeans and corn.
Traders expect a slight reduction in US soybean production from 121.11 to 120.73 million tons. However, even with this reduction, the crop would still be considerably larger than the previous one, which was 113.35 million tons. Soybean losses are also in line with declines in neighboring corn and wheat, especially the latter, which is down nearly 1.5% after a tough week on the CBOT. Among derivatives, slight losses were observed in both meal and oil.
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