Ceasefire in the Middle East Drops or Raises Soybean Prices in Brazil?

The Brazilian soybean market had little price movement on Tuesday (24). According to Safras & Mercado consultant Rafael Silveira, commercialization continued at a slow pace. Buyers' indications remain firm, but soybean producers are still hesitant to negotiate, given the high spread. Even with the drop in soybean prices in Chicago and a slight dollar rise, bases remained practically unchanged in the main regions of the country. Future soybean contracts traded on the Chicago Mercantile Exchange (CBOT) ended the day lower. Despite U.S. President Donald Trump reporting violations in the Middle East war, the market was more influenced by the ceasefire between Israel and Iran. The agreement reduced geopolitical tension, pushing oil down by more than 5% in New York, which pressured soybean oil prices. Additionally, favorable climate forecasts for the development of American crops completed the downward scenario. According to the USDA (U.S. Department of Agriculture), as of June 22, 66% ...