In the early afternoon of this Thursday (22), soybean futures on the Chicago Stock Exchange witnessed a retreat, following a brief uptick earlier in the day. By around 12:20 pm (Brasília time), prices experienced a decline ranging from 3 to 3.25 points. In particular, March saw a return below US$ 11.60, settling at US$ 11.57 per bushel.
May recorded US$ 11.61, while November, a benchmark for the American harvest, stood at US$ 11.43 per bushel. The market is currently in a sideways movement, lacking significant new developments and relying on familiar scenarios. Traders are closely monitoring the weather in South America for the conclusion of the 2023/24 harvest, observing demand behavior, and noting the initial indicators of the 2024/25 season in the USA.
In Argentina, the continued scarcity of rain in the upcoming days adds uncertainty to the market regarding the actual harvest size. Notably, the Rosario Commerce Exchange reduced its projection from 52 to 49.5 million tons yesterday.
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