Brazil: Why are soybeans under downward pressure?

In the international soybean market, according to TF Agroeconomia, slight falls were the balance of the week for soybean prices in Chicago, where the March and May positions fell by 0.99 and 0.73%, from 566.77 to 561.17 and from 563.46 to US$ 559.33 a ton. That's because the market has come under downward pressure. Among the factors, the harvest in Brazil and its progress stand out. “In its weekly report, Conab on Monday raised the advance of the Brazilian soybean crop by 15.4% of the suitable area, compared to 8.9% in the previous report and 25% in the same period of 2022. , the Instituto Mato-Grossense de A Economia Agrícola found an advance in the harvest in Mato Grosso –it is the main producing State– of more than 60.03% of the suitable area, compared to 67.75% at the same time in 2022 and 57.83 % Average % in the previous five years. The weekly progress of the work was 15.93 percentage points. The bassist influence was not greater due to the losses that are evident in Rio ...