Frustrations between the US and China Bring Down Soybeans

According to information from TF Agroeconômica, soybeans traded on the Chicago Board of Trade (CBOT) closed the session this Wednesday (11th) down, pressured by market disappointment with the results of trade negotiations between the United States and China. The July contract, the main reference for the Brazilian crop, fell 0.69%, or 7.25 cents per bushel, closing at US$ 10.50. The August contract dropped 0.38%, ending at US$ 10.45. Soybean meal for July fell 0.57%, to US$ 294.20 per short ton, while soybean oil rose 0.48%, quoted at US$ 48.02 per pound-weight. The drop in quotations reflects the absence of concrete advances in bilateral conversations about agricultural products, which took place in London earlier this week. Initial expectations that the meeting would result in more robust trade agreements for the agricultural sector were frustrated. Discussions focused on points such as rare earths and the exchange of Chinese students, leaving agricultural topics in the ...