The day concludes with soybeans reaching $12 in Chicago, while prices at Brazilian ports hit their highest levels since the start of the harvest.

The market witnessed the testing and attainment of the US$ 12.00 per bushel price for soybean futures on the Chicago Stock Exchange this Tuesday (12). The July and August contracts wrapped up the day at US$ 12.06 and US$ 12.02 per bushel, respectively, marking a 16.75 point increase. At the peak of the day, the contracts reached US$ 12.09 and US$ 12.04. July, indicative of the American off-season, holds significance as a barometer for prices. May/24, a benchmark for the Brazilian harvest, concluded the day at US$ 11.94 per bushel, witnessing a 16.75 point uptick.

According to the Agrinvest Commodities team, the notable increases are associated with Conab's recent revision in its projection for the 2023/24 soybean harvest in Brazil. Between the February and March bulletins, the company's estimate declined from 149 to 146.8 million tons.

"With a harvest that, by early March, covered 47.9% of the sown area, soybeans could yield a production of 146.9 million tons, reflecting a 5% reduction compared to the previous harvest. The observed decrease is attributed to low rainfall and above-normal temperatures in the primary producing regions. Nevertheless, in areas where the grain was sown later, favorable rainfall has contributed to crop development," reported Conab this Tuesday.