See Soybean Prices Ahead of USDA's September Report

Published 2024년 9월 11일

Tridge summary

The Brazilian soybean market experienced a slow day with traders holding off on transactions in anticipation of the USDA's supply and demand report, expected to increase US soybean harvest and final stocks estimates for 2024/25. Slightly higher soybean futures contracts were traded, recovering from the previous day's losses. The dollar's performance against the commercial dollar had no significant impact on Brazilian soybean prices. Anticipated increases in US soybean production and stocks for the 2024/25 marketing year, along with global supply and demand expectations, are influencing market movements.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Brazilian soybean market had a slow Wednesday (11). Agents were absent from business while awaiting the supply and demand report from the United States Department of Agriculture (USDA), which will be released this Thursday (12). The Chicago Board of Trade and the dollar traded in opposite directions on the day, helping to keep prices stable in Brazil. Soybean futures contracts traded on the Chicago Mercantile Exchange (CBOT) closed Wednesday slightly higher, recovering part of yesterday's heavy losses. The day was marked by short position covering, with investors seeking a better positioning ahead of the USDA's September report, which will be released tomorrow. The Department is expected to raise its estimates for the 2024/25 US soybean harvest and final stocks. Analysts consulted by international agencies are betting on US stocks of 578 million bushels in 2024/25. For 2023/24, the market is betting on a figure of 343 million bushels. In August, the USDA forecast was 560 ...

Source: CanalRural