Global: Soybeans close lower again in a volatile session, with the market focused on Brazilian weather conditions
Sustainability & Environmental Impact
Market & Price Trends
Published Oct 27, 2023
Soybean futures on the CBOT closed lower, with November and January contracts dropping. The decline in prices was due to stable weather conditions in South America and the completion of the American harvest. However, American exports prevented a greater drop in soybean prices.
Ukraine has suspended the use of its Black Sea grain corridor due to a perceived threat from Russian warplanes. The suspension, which was requested by the military, has been in effect for two days and may be extended. The corridor was established in August to bypass a blockage in the Black Sea after Russia withdrew from a previous trade agreement with Ukraine.
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SNA TV LIBRARY SUBSCRIBE In the last five sessions, November accumulated a drop of 2.74% and January of 2.37%. Soybean meal futures contracts on the CBOT closed lower, except for December, which closed slightly higher at US$0.30. The main maturities registered drops of US$ 1.40 to US$ 1.90, with December quoted at US$ 429.50 (+ 0.07%) and January/24 at US$ 415.90 (- 0.07%) 34%) the short ton. In the last five sessions, December accumulated an increase of 1.54% and January/24 of 0.41%. Soybean oil closed lower, with December recording a drop of 1.63%. In the last five sessions, December accumulated a drop of 2.58%. Soybeans closed lower again also due to stable weather conditions in South America, as it is raining in producing areas in Argentina and Brazil. The completion of the American harvest was another factor that put pressure on prices. According to Roberto Carlos Rafael, co-owner of Germinar Agronegócios, what prevented a greater drop in soybeans was the volume of American ...