Soybean price loses strength after reaching highest value in two months | Quotes

After reaching the highest values ​​in almost two months, soybeans fell on the Chicago stock exchange, with investors taking advantage of recent increases to pocket profits. Contracts for May fell 1.61% this Friday (22/3), trading at US$ 11.9250 a bushel.

According to Roberto Carlos Rafael, partner at Germinar Agronegócios, in addition to making profits, soybeans fell due to strong sales of the grain in Brazil and also responding to macroeconomic fundamentals.

“The rise in the dollar helped to hold back commodities. A strengthened exchange rate against other currencies is generally a negative sign for prices in Chicago”, comments the analyst.

Finally, he also remembers that investors are on the “defensive”, as the market loses liquidity in the last trading session of the week. There is also caution ahead of new projections for planting the American crop in 2024/25. The numbers will be revealed by the US Department of Agriculture (USDA) next Thursday (28).

“There is an expectation of an increase in the area of ​​American soybeans for the new harvest. A number higher than expected will give an even more negative tone to stock market prices”, comments the analyst.

Corn prices remain in a downward trend on the American stock exchange. Contracts for delivery in May closed the session down 0.34%, at US$4.3925 a bushel.

The recent increases were not able to keep future values ​​from their lowest levels in more than three years in the international market.

“The US has a carryover stock of 55 million tons this harvest. It is a number that helps to contain the rise in prices even with a good volume of exports from the country”, says Roberto Carlos Rafael, from Germinar Agronegócios.

Faced with a comfortable domestic supply scenario, the analyst says that not even a possible reduction in the US planted area for the next cycle could boost corn in Chicago.

In February, the USDA indicated that Americans should sow 36.83 million hectares of corn in this new cycle, lower than the 38.28 million planted in 2023/24.

Wheat prices rose on the Chicago Stock Exchange, driven by technical movements by investors. Contracts for May closed up 1.46%, at US$5.5475 a bushel.