Turbulent week, but negative for soybeans; Argentina enters the 'game' and the US advances in the harvest

The Brazilian soybean market ended the week on a downturn. Business remained scarce and prices fell both in the interior and at ports, following the signals from the Chicago Board of Trade (CBOT). The appreciation of the dollar, which remained in the range of R$ 5.30 to R$ 5.35, was not enough to stimulate new sales by producers. At the CBOT, November contracts lost 1.37% over the week, settling around US$ 10.11 ½ per bushel on Friday morning (26). The harvest is progressing without setbacks in the United States, consolidating the expectation of a full crop in an already well-supplied market. This scenario is further compounded by China's stagnant demand for American soybeans, as the Asians continue to prioritize the purchase of South American product. An additional factor came from Argentina. The local government temporarily removed soybean export taxes to attract foreign currency, achieving the dollar inflow target in just three days. With this, the export tax was resumed. The ...