Soybeans retreat in Chicago after strong appreciation

Soybeans closed lower on Tuesday at the Chicago Board of Trade (CBOT), after registering strong gains in recent days. According to TF Agroeconômica, the market underwent a natural correction movement, after prices reached the highest level in the last 16 months and accumulated the highest monthly increase in almost five years. The adjustment was driven by profit-taking and the momentary loss of competitiveness of U.S. soybeans in the export scenario. In this scenario, the November soybean contract closed down 1.03%, at $1108.25 per bushel, while the January contract fell 1.12%, quoted at $1121.50. Among the derivatives, soybean meal for December retreated 1.06%, at $317.4 per short ton, and soybean oil closed down 0.62%, at $49.53 per pound. The declines reflect the delicate balance between the high price, which stimulates the American producer to sell in the physical market, and the weakening of external demand, especially from China. Chinese purchases remain slow, with no ...