Despite being entrenched in a downward trend, soybean prices once again edged lower on the Chicago Board of Trade on Wednesday morning (April 24), albeit modestly. Soybean prices, as of 7:30 AM (Brasília time), were down 1 to 2.75 points in the most traded contracts, with May at $11.67 and July at $11.81 per bushel.
The market continues to seek a clearer direction amidst lingering pressure on prices, closely monitoring U.S. and Brazilian exports, demand dynamics, and, notably, weather patterns in the American Midwest.
Planting activities are progressing in the U.S., reaching 8% of the total area, under generally favorable conditions. Attention now turns to the latest weather forecasts. On the demand side, focus remains on Brazilian soybeans, with premiums hitting seasonal highs and exerting some weakness on U.S. exports, thereby sustaining pressure on the Chicago market.
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