News

Soy is still moving sideways in Chicago, United States this Wednesday and prices at Brazilian ports remain stable

Soybean
United States
Brazil
Market & Price Trends
Published Feb 29, 2024

Tridge summary

Soybean prices continued to work with stability on the Chicago Stock Exchange at the beginning of this Wednesday (28), still moving sideways and without a clearly defined direction. Earlier, prices even tested the positive side of the table, however, very quickly. Rumors that China had canceled purchases of soybeans in the USA to exchange for product from Argentina, for shipment in April, further signaled that the American oilseed is expensive in the international market. Prices in the Brazilian market also remain under pressure, both in the domestic market - among over-the-counter references - and in ports.
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

Soybean prices continued to work with stability on the Chicago Stock Exchange at the beginning of this Wednesday (28), still moving sideways and without a clearly defined direction. Earlier, prices even tested the positive side of the table, however, very quickly. Thus, around 12:50 pm (Brasília time), the most traded contracts fell between 0.50 and 1.25 points, with March worth US$ 11.30 and May, US$ 11.40. August rose 0.75 points to US$ 11.48 per bushel. The market continues, according to analysts and market consultants, without a well-defined direction and in need of new news. Yesterday, prices rose quite significantly throughout the day, however, rumors that China had canceled purchases of soybeans in the USA to exchange for product from Argentina, for shipment in April, further signaled that the American oilseed is expensive in the international market. The scenario signals this low demand for US products and puts pressure on Chicago. At the same time, traders monitor demand ...
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