On the Chicago Stock Exchange, soybeans closed down driven by the Funds, the Fed and the Brazilian harvest, according to information released by TF Agroeconomia. “The Soybean contract for May23 closed down -1.28% or $-19.00 cents/bushel at $1467.00. The price of November23, the main trading date in the US, closed down -0.99%, or $ -13.00 cents/bushel at $1296.00”, he comments. “The May24 quote closed down -1.09% or $-14.25 cents/bushel at $1296.75. The May Soybean Meal contract closed down -0.45% or $-2.1 ton short of $460.7 and the May Soybean Oil contract closed down -3.02% or $ -1.75/pound at $56.24”, completes the consultancy. Soybean and its derivatives closed lower, as investment funds returned to liquidate oilseed contracts before the decision by the US Federal Reserve, which will be announced on Wednesday, on whether or not to raise interest rates in the country.
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“On the side of agricultural factors, the entry of record supply from Brazil in the commercial circuit continued to exert a bearish influence on the market. These two factors outweighed new American sales to China and the prospect of a crop failure in Argentina,” he says. “The swine fever that hit China a few months ago and forced the sacrifice of a large part of its herd reduced the demand for soybean meal and caused problems in the crushing margins of this oilseed in the country. This led to a reduction in demand from the USA and, now, with the entry of the Brazilian window, the market is turning to Brazil, reducing North American demand ...
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