Soybean Seek Slight Recovery, Trading Positive on Chicago Board of Trade This Friday

On the morning of Friday, the 21st, soybean prices are showing an upward trend on the Chicago Board of Trade. As of 7:40 AM (Brasília time), soybean futures posted gains of 2 to 8 points in the most traded contracts, with July priced at $11.63 and November at $11.18 per bushel.

The pressure on longer-term contracts continues, primarily due to the outlook for a full and record crop in the United States. However, the market is regaining some strength after the previous session's losses.

The market remains focused on the weather conditions in the U.S. Midwest, which are favorable for the final stages of fieldwork and crop development. Despite intense heat concerns in parts of the Northern Hemisphere, the Corn Belt's production areas are not yet facing severe threats. This situation keeps the percentage of crops rated as good or excellent around 70%. The USDA is expected to provide updated numbers in its new weekly crop progress report next Monday, the 24th.

Traders are also anticipating the updated weekly export sales data, which will be reported today, following the U.S. holiday on Tuesday, the 18th.