Brazilian soybean contracts close lower, and the trend is for further decline
Soybean
Brazil
Market & Price Trends
Published Jan 20, 2024
Tridge summary
The Brazilian soybean market had minimal activity and mixed domestic prices on Friday. Prices on the Chicago Stock Exchange attempted to rise but ultimately fell, marking the fifth consecutive week of devaluation due to a lack of demand in the United States. The commercial dollar also ended the session down slightly, trading at R$4.9272 for sale and R$4.9251 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 maintained, this Friday (19), the rhythm of the week: few deals. Domestic prices were mixed on the day. The Chicago Stock Exchange attempted a reaction, but fell again at the end of the session. According to Safras & Mercado analysts, the industry is acting more actively in business, but there are no major movements at the moment. The producer, on the other hand, holds onto the product as long as he can. Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed Friday with lower prices, close to stability. The market did not find the strength to sustain the technical gains and consolidated the fifth consecutive week of devaluation. The fundamental scenario continues to prevent any more consistent reaction in prices. Despite being smaller, the Brazilian harvest should be voluminous and this feeling is becoming stronger every day, with the weather becoming favorable again. Furthermore, the market works with good harvests from ...
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