Soybean ends the week on a low note on Brazilian and US stock exchanges

Soybean

Published Jan 27, 2024

Tridge summary

The Brazilian soybean market experienced a slow week in sales as producers held onto their product in anticipation of better prices. This comes as the Chicago Stock Exchange hit its lowest level in over a week and the dollar weakened against the real. Despite the South American harvest exerting pressure on prices, a larger-than-expected Argentine harvest is offering some support. Argentina's crop development has been satisfactory despite occasional dry spells, and it is projected to harvest 52.5 million tons in 2023/24. The commercial dollar ended the session down 0.23%, trading at R$4.9108 for sale and R$4.9088 for purchase.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The Brazilian soybean market ended a week of very little sales. Only occasional and insignificant lots were moved. Producers do not want to give in to current price levels and some buyers are forced to pay more than they would like. According to Safras & Mercado analysts, producers should hold on to the product until they no longer have a choice, or until the market turns in favor of their interests. This Friday (26), prices fell again in Brazil. The Chicago Stock Exchange dropped to its lowest level in more than a week and the dollar fell against the real. The awards did not react. Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed Friday with lower prices. The arrival of the South American harvest is putting pressure on prices. The forecast for a larger-than-expected Argentine harvest helped support prices. In Argentina, despite the occasional lack of rain, crop development has been occurring satisfactorily. After losing more than half of the harvest ...

Source: CanalRural