It wasn't worth storing soybeans, consultancy points out

Soybean prices are on a recovery trajectory, but the recent movement has not compensated for the loading cost for those who have kept the grain stored since harvest. Analysis from TF Agroeconômica indicates that, given the November benchmarks, lower offers show that it was not worth storing soybeans, even with the increases observed both in Chicago and in the Brazilian domestic market. The consultancy highlights that Chinese demand remains strong and directed towards Brazil, a condition reinforced by significant purchases made after the trade agreement between the United States and China. This flow has maintained price support, also driven by domestic demand for meal for the meat sector and for oil intended for the B15 blend. In the month, the advance was 0.74% in the domestic market. The latest USDA report contributed to the supportive climate by reducing the estimate of American production and adjusting final stocks downward. Even so, the international market faced pressure ...