Chicago recoils, ports diverge and producer retreats: what to expect from soybeans?

Soybeans ended the week under strong pressure on the Chicago Stock Exchange, with the January/26 contract breaking the support of US$11 and quoted at US$10.76/bushel. The movement reflected frustrated demand expectations and a robust South American crop, which directly impacted the Brazilian physical market. According to data released by Grão Direto, the external scenario strongly influenced prices in Brazil, despite the exchange rate remaining stable at around R$5.40. At the Port of Santos, the soybean FOB Index registered a slight increase of 0.35%, closing at R$147.50 per bag, sustained by punctual demands. In contrast, the Port of Rio Grande felt the effects of the international drop more intensely, with a decline of 1.51% and a quotation of R$145.18. In the futures market, the USDA's supply and demand report, released on the last day of 9, maintained elevated projections for the South American crop: 175 million tons for Brazil and 48.5 million for Argentina. The consolidation ...