Derivatives extend decline and pressure soybean on CBOT

The international grain market registered a decline this Wednesday, reflecting a more cautious movement after weeks of appreciation. According to TF Agroeconômica, soybean, meal, and oil contracts traded in Chicago ended the day in the negative, following a new round of profit-taking and increased selling pressure in the physical market. The January soybean contract fell 1.50%, closing at 1136.25 cents per bushel. March fell 1.36%, to 1144.50 cents. In the derivatives segment, meal for December gave up 2.48%, closing at 318.9 dollars per short ton, while oil for December fell 2.05%, to 51.10 cents per pound. The consultancy points out that the movement occurs after recent highs and Chinese purchases that totaled 1,354,000 tons in recent days, including 330,000 tons confirmed this Wednesday. Despite the volume, the increase in the cost of American soybeans for export has limited the interest of private buyers from China, who find more competitive prices in Brazil. With Chinese ...