Soybean prices fell on the Chicago Board of Trade (CBOT) this Monday (25). Around 7:40 AM (Brasília time), the most traded contracts were down between 6.75 and 8.25 points, with November trading at $9.65 and March at $9.98 per bushel. The futures market for soybeans mirrored losses also seen in corn and wheat.
On the other hand, the market found some support in the strong rise of soybean oil, which surged by more than 3% this morning in Chicago. This rise was in line with gains in other oils and crude oil, which advanced by over 2% in both WTI and Brent.
The grain market is reflecting the data released by the Pro Farmer Crop Tour last Friday (23). After the Chicago markets closed, the tour reported an even larger soybean crop than the USDA (United States Department of Agriculture) had anticipated, estimating production at 129 million tons. "The Pro Farmer Crop Tour sent two clear messages: there's a low chance of downward revisions in soybean and corn productivity in the USDA's September report, and there’s little to no pressure on the large short positions held by funds," explains Eduardo Vanin, a market analyst at Agrinvest Commodities.
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