The producer continues to prioritize the sale of corn in the short term, while waiting for higher returns for soybeans, says the analyst.
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The Brazilian soybean market recorded a day of few deals this Wednesday (23), with relatively weaker quotes, especially at the ports, pressured by declines in Chicago and the exchange rate. According to Safras & Mercado analyst Rafael Silveira, the premiums helped to partially offset this movement, but overall, there was a drop in prices. "In the domestic market, the players maintained a cautious stance, with high spreads between buying and selling indications. The local basis remains firm, as the producer is prioritizing the sale of corn in the short term and demanding higher prices for soybeans. Some deals were recorded, but no significant volumes were reported," he stresses. Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed Wednesday with lower prices, reversing the initial gains. According to Silveira, the favorable weather for the development of American crops outweighed the support given by the progress in trade negotiations between the United ...