A tough day for soybeans; check the numbers in Brazil and Chicago

The Brazilian soybean market registered scarcer deals throughout the day, both in the ports and in the industrial regions. According to Rafael Silveira, an analyst at Safras & Mercado consultancy, the drop in the Chicago Board of Trade (CBOT) coupled with the devaluation of the dollar influenced the retreat of price setters in the physical market. Despite the firmness in export premiums, the values practiced in the ports declined. In the interior, buying offers reached parity levels, but producers continue to seek firmer prices, also focusing on the sale of the second corn crop. This scenario resulted in a stalled market, with few deals during the day. Soybean futures contracts on the Chicago Board of Trade closed with lower prices on Tuesday, reflecting a scenario of ample global supply and cooling demand for the American product. The conditions of the crops in the United States remain very good, signaling a full harvest that adds to the record volume of South American soybeans. ...