The soybean futures traded on the Chicago Board of Trade started the week in negative territory. Around 7:40 am (Brasília time) this Monday (6), prices were down between 4.75 and 6.50 points, with May being quoted at $11.97 - about to drop off the screen - while July and August were at $12.09 per bushel.
"The increase seen over the past week on the CBOT can be seen as a casual event, far from being a trend or change in market behavior, due to supply or demand," he says. "The fundamental focus at the moment is the American weather, which, for now, poses no danger to the rapidly planted crops in the Corn Belt."
The weekend saw localized rains in the American Midwest, without causing major complications to fieldwork. The updated numbers on the progress of the 2024/25 planting will be known by the end of the afternoon today by the USDA (United States Department of Agriculture). The weekly crop progress report is due at 5 p.m. (Brasília time). China is returning from its holiday, and "it is expected to show signs of life for demand, which has recently been, to some extent, absent."
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