Soybeans retreat in Chicago with production revision

Soybeans traded on the Chicago Board of Trade (CBOT) closed lower on Tuesday (30), reflecting the pressure of a higher expected production in the United States. According to data from TF Agroeconômica, despite the USDA reporting lower-than-expected quarterly stocks, the upward adjustment in the harvested area ended up weighing more on the market, generating a widespread downward movement. At the close of the day, the November soybean contract fell 0.87% or 8.75 cents/bushel, quoted at US$ 1,001.75. The January expiration fell 0.92% or 9.50 cents/bushel, closing at US$ 1,020.25. The October soybean meal contract registered a decrease of 0.90% or US$ 2.40/short ton, quoted at US$ 265.7, while soybean oil of the same expiration closed down 0.49% or US$ 0.24/pound, at US$ 48.87. The USDA report showed soybean stocks on September 1 of 8.60 million tons, a number below the average of private estimates, which was 8.79 million, which could be interpreted as a bullish factor. However, the ...