Brazil: Soy prices were stable this week

Soybean prices were quite stable this week, shorter in Chicago due to the Thanksgiving holiday on 11/24. With that, the close of Wednesday (23) was, for the first month quoted, at US$ 14.36/bushel, against US$ 14.17 in the previous week. That said, the soybean harvest in the US is over, with an estimated total volume of 118 million tons. The market awaits the new supply and demand report from the USDA, scheduled for December 9th, to confirm this number. In turn, Chinese demand remains below normal due to the closure of companies and the local economy due to new cases of Covid, which have increased this week. Deaths from the disease are already increasing again in Chinese territory, as well as worldwide, leading the local government to backtrack on the idea of loosening control over the disease. According to Banco Nomura, around 48 cities are in lockdown or something similar, which represent 20 to 25% of the country's GDP. During the week, Shanghai said it would make it difficult ...