The drop in the price of soybean oil on the international market led to the devaluation of soybeans on the Chicago Stock Exchange. The advance of the harvest in the USA also penalized the grain price, which fell 1.61% this Tuesday (4/30), with the July contract trading at US$ 11.63 per bushel.
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Ale Delara, partner at Pine Agronegócios, attributes the drop in oilseeds to the 3.07% drop in oil prices in Chicago.
“American crushers are preferring to import vegetable oils, given the increase in prices on the domestic market. This is a negative factor for quotes”he highlights.
According to him, the general strike in Argentina, which paralyzed bran processors and has already had an impact on prices, is yet another factor of attention for the market at this time, in addition, of course, to the progress of the soybean harvest in the United States. .
“Prices are still in a sideways range. Some volatility could be seen with changes in weather, but temperatures are appropriate at the moment, and so the risk premium has not entered the market’s radar for now.”he emphasizes.
Soybean planting in the USA reached 18% of the area expected for the 2024/25 cycle, of 35 million hectares, the country’s Department of Agriculture (USDA) reported today, with data collected until last Sunday.
At the same time last year, sowing reached 16%%, while the average for the last five years is 10%.
