Soybeans ended sharply on the Chicago Stock Exchange with the reduction in the use of oil in biofuels in the United States, according to information from TF Agroeconomia. “January23 Soybean contract closed down 2.69% or $39.50 cents/bushel at $1430.0. The May 23 quotation, which is already being traded in Brazil, closed down 2.56%, or $38.0 cents/bushel at $1444.75. The Soybean Meal contract for October closed up 0.72% or $3.0/short ton at $420.7 and the Soybean Oil contract for October closed down a whopping 9.16% or $6 .89/pound at $68.34”, he comments. “Vegetable oils in decline imposed fragility on the grain. The Environmental Protection Agency has updated the mandates to cut biofuels in the US and, although it has increased, it has not been as expected by the market. In this area, a lower consumption of soybean oil is interpreted, anticipating a lower internal demand (and consequently higher final stocks in the balance sheet)”, he adds. The EPA boosted biofuel use required ...
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