The soybean market lost momentum again and retreated on Thursday afternoon (11th), testing slight declines while maintaining stability. Around 2:15 PM Brasília time, prices dropped between 2.50 and 4 points in the most traded contracts, with August at $11.10 and November at $10.64 per bushel. If the session closes in the red, it will mark the fourth consecutive decline.
Pressure from the new American crop persists. The potential for a record production continues to weigh on prices, combined with slow demand for American soybeans and favorable weather conditions expected for the country in the coming weeks. The expectation for the USDA (United States Department of Agriculture) report is that the American crop will not deviate much from the June figure of 121.11 million tons.
The monthly supply and demand report will be released this Friday, July 12, at 1:00 PM Brasília time, and the market is adjusting ahead of the new numbers.
Soybean prices lost strength even amid continued gains of about 1% among corn and wheat futures on the CBOT, as well as soybean oil, which rose 1.2% in the first contract, quoted at 46.11 cents per pound around 2:25 PM.
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