Brazilian soybean prices on the eve of the USDA report

Published Jan 11, 2024

Tridge summary

The Brazilian soybean market kept prices low as agents await reports from the United States Department of Agriculture, with some hope of an increase in the Chicago Mercantile Exchange. Soybean futures contracts closed with higher prices on the Chicago Board of Trade ahead of the USDA report, with expectations for a reduction in American stocks and soybean harvest. North American quarterly soybean stocks are expected to be below the previous year's number, with net soybean exports below analyst expectations.

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

Original content

The Brazilian soybean market kept prices low this Thursday (11). Without much news, agents await reports from the United States Department of Agriculture (USDA), which will be released this Friday, at 2 pm. The selling side even has some hope of an increase on the Chicago Mercantile Exchange. During the day, some specific lots were sold to the industry, but without major relevance. Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed Thursday with higher prices. On the eve of the January report from the United States Department of Agriculture (USDA), the rise in oil and purchases based on technical factors ensured the recovery. However, the fundamental scenario limits any more consistent increase. The good development of crops in South America – after losses due to drought in Brazil – and the weak demand for North American soybeans are still factors that weigh on contracts. The USDA is expected to reduce its estimate for ending stocks and soybean harvest in ...

Source: CanalRural