Soybean prices continue their downward trend on the Chicago Board of Trade (CBOT), with the September contract nearing the crucial $10.00 per bushel mark as of Wednesday morning (7th). The futures were down between 7.75 and 11.50 points across major contracts, with September priced at $10.01 and November at $10.15 per bushel.
"The November soybean contract is once again testing its contract low, with the previous closing low at $10.16 on August 1st," explains Eduardo Vanin, a market analyst at Agrinvest Commodities. According to Vanin, some of the losses seen in the market this week are due to the anticipation of the new monthly supply and demand report from the USDA (United States Department of Agriculture) scheduled for release on August 12th.
"There are expectations of a possible upward adjustment in corn and soybean yields, as well as a reduction in soybean demand," he added.
Furthermore, the market remains under pressure due to the positive development of the U.S. 2024/25 crop season, which boasts one of the best weather conditions in recent years and a favorable crop rating.
The heavier financial pressures also impacted the commodities sector this week, despite a slight relief seen in subsequent sessions. In Brazil, the dollar surpassed R$ 5.80 but closed yesterday at R$ 5.66.
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