This Tuesday (21), the grain market on the Chicago Board of Trade saw a profit-taking movement. After significant increases, with wheat rising more than 5% and corn and soybeans advancing more than 1.5%, prices adjusted this morning. At 7:20 AM (Brasília time), soybean prices were down between 7.50 and 11.50 points, with the July contract priced at $12.36 and the August contract at $12.32 per bushel.
This profit-taking movement was also influenced by new planting data released by the United States Department of Agriculture (USDA). The report showed an acceleration in the planting pace, exceeding market expectations. By last Sunday (19), 52% of the soybean planting area had been completed, against a trader expectation of 49% and compared to 35% the previous week. At the same time last year, planting was at 61%, and the historical average is 49%. Additionally, 26% of soybean fields had germinated, compared to 16% the previous week, 31% last year, and a historical average of 21%.
The economic and geopolitical landscape, particularly with the escalation of the Russia-Ukraine conflict, continues to influence the market. Demand and the behavior of suppliers, including slower farmer selling in Argentina, are also important factors monitored by analysts, as reported by Agrinvest Commodities.
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