Soybean grain contracts record lower prices in electronic session negotiations on the Chicago Mercantile Exchange (CBOT). After accumulating three sessions of consecutive highs, the market shows a movement towards taking profits. Prices hit their highest level in six weeks at the start of the session, reflecting concerns about flooding in southern Brazil, which threatens to reduce supply from the biggest global exporter. The price decline is influenced by the acceleration of the dollar against other currencies, reducing the competitiveness of US commodities.
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This week, investors turn their attention to the progress of planting in the United States, information about losses in Rio Grande do Sul and the May report from the US Department of Agriculture (USDA), which will be released on Friday, the 10th.
Contracts for delivery in July are quoted at US$ 12.12 3/4 per bushel, down 2.75 cents, or 0.22%, compared to the previous closing.
On Friday (03), soybeans closed with higher prices, expanding weekly gains. Concerns about the flooding of crops in Rio Grande do Sul and the global financial scenario of less risk aversion helped to support prices. In the balance of the week, July, the most traded contract rose 3.2%.
According to data from Emater, there is still 24% of the area to be harvested in Rio Grande do Sul. The market fears that excessive rain will harm work and result in a loss in the state’s productive potential, which would harvest the second largest crop in the world this season. country.
Soybean grain contracts for delivery in July closed up 28.75 cents per dollar, or 2.45%, at US$ 11.99 per bushel. The August position was quoted at US$11.99 1/2 per bushel, with a gain of 27.75 cents or 2.36%.
