The price of soybeans remains stable with a slight upward trend this Tuesday (17th) on the Chicago Board of Trade. As of 6:20 a.m. (Brasília time), futures for the commodity rose 0.25 points in the main contracts, with November priced at $10.04 and May at $10.52 per bushel. The soybean market is moving with little momentum this week, keeping an eye on the start of the U.S. harvest and planting in Brazil.
On Monday afternoon, the USDA (United States Department of Agriculture) released its weekly crop progress report, showing that 6% of the U.S. soybean area has been harvested, a figure that is above both the average and the same period last year. Additionally, the USDA reduced the percentage of crops in good or excellent condition by one point.
In Brazil, field operations are also being closely monitored. Specialists indicate that planting is only "authorized" in the southern region, where rains have become more consistent. Farmers are advised to hold off on starting too soon to avoid "dust planting," which has provided some support to prices on the Chicago exchange.
Traders are also keeping a close eye on the U.S. presidential race, the Federal Reserve's interest rate decisions, and Brazil’s potential Selic rate hike. Both of these factors could affect exchange rates and, consequently, soybean price formation in the Brazilian market.
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