Soybean prices and the grain market in Brazil and USA

Published 2024년 11월 18일

Tridge summary

The Brazilian soybean market experienced quiet trade on Monday with fluctuating prices due to movements in Chicago. The dollar's decline against the real led to mixed domestic prices and subdued trading activity. Soybean futures on the CBOT closed higher due to the rebound in oil prices and strong demand from the US. The USDA announced significant soybean sales to Mexico, the Philippines, and India. US soybean crushing reached a record high in October. This, along with the increase in oil prices due to the Russia-Ukraine conflict, contributed to the rise in commodity prices, including soybeans. The commercial dollar ended the session down 0.67%, influencing the soybean market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Brazilian soybean market had a quiet Monday (18), with volatile prices due to the Chicago fluctuation. According to Safras & Mercado, the dollar fell against the real and domestic prices were mixed, with little trading activity. Soybean futures contracts on the Chicago Mercantile Exchange (CBOT) closed higher, driven by the recovery of oil and good demand from the United States. The escalation of the conflict between Russia and Ukraine caused an increase of over 4% in oil, which also favored the increase in commodity prices, including wheat and soybeans. The United States Department of Agriculture (USDA) announced the sale of 261 thousand tons of soybeans to Mexico, 135 thousand tons of bran to the Philippines and 30 thousand tons of oil to India, with private exporters leading the transactions. In October, soybean crushing in the US reached a historic record of 199.959 million bushels, exceeding market expectations and the number recorded in the previous month. Soybean ...

Source: CanalRural