Soybean prices rebounded on the Chicago Board of Trade (CBOT) on Tuesday morning (16), recovering after a sharp decline of over 2% in the previous session. The market experienced a modest correction, with gains ranging from 2 to 4.25 points in the most traded contracts around 7:55 AM CST, pushing August to $10.82 and November to $10.42 per bushel.
Traders are breathing a bit easier after a flood of weekend news, including an attack on Donald Trump. While considerable attention remains on the U.S. political scene, the focus has now shifted back to fundamentals, especially the development of the new U.S. crop.
In its weekly crop progress report, the USDA (U.S. Department of Agriculture) maintained the rating of soybean crops classified as good or excellent at 68%, while the market had expected an increase to 69%. Additionally, weather conditions in the U.S. Midwest remain favorable, supporting good development for not only soybeans but also corn and spring wheat.
Market attention also remains on the behavior of the dollar, demand, and Brazilian competitiveness.
Comments