Drop in oil impacts grain prices in Brazil and USA

The drops in Chicago and the dollar brought calm to the Brazilian soybean market this Tuesday (14). Domestic prices went from stable to lower and supply from producers was lower. According to Safras Consultoria, the seller waits for better prices to return to the market. Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed Tuesday with slightly lower prices. However, oil fell sharply because it was left out of the Biden Administration's tariff package on Chinese products, which helped put pressure on prices. The North American administration announced tariff increases on a series of products from the Asian country. The list did not include used cooking oil, contrary to rumors that previously boosted soybean futures. The progress of planting in the United States without any major surprises and the impact of the bearish data from Friday's report from the United States Department of Agriculture (USDA) continued to add pressure. The market continues to closely ...