Soybeans close with a slight decline in Chicago this Thursday after warm USDA and prices feel in Brazil

Sustainability & Environmental Impact
Market & Price Trends
Published Apr 12, 2024

Tridge summary

The soybean market on the Chicago Stock Exchange experienced a slight downturn, closing with main contracts down by 5 to 5.50 points, influenced by the USDA and Conab's new harvest estimates for Brazil's 2023/24 season, which presented a significant divergence of nearly 10 million tons. In Brazil, the market reacted to a rising dollar and stronger premiums, though prices dipped slightly in response to the CBOT's losses. Market consultants highlighted the critical nature of planning for the 2024/25 soybean harvest, cautioning that the period of decreasing input costs has ended without a clear forecast for future expenses. The USDA's projections for Brazil's soybean production and exports remained unchanged at 155 million tons and 103 million tons, respectively, but an upward revision of North American ending stocks contributed to the market's negative adjustment.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The soybean market, this Thursday (11), received new estimates for the 2023/24 harvest in Brazil by the USDA (United States Department of Agriculture) and Conab (National Supply Company) and, with little news and a Already known divergence between both numbers of almost 10 million tons, closed stable on the Chicago Stock Exchange, however, on the negative side of the table. Losses in the main contracts were 5 to 5.50 points, taking May to US$11.59 and August to US$11.71 per bushel. In Brazil, on the other hand, the market maintains its focus on the movement of the dollar - with another day of rise against the real and still above R$ 5.00 - and on the strengthening of premiums, which has been giving better indications in last few weeks for national soybeans, according to analysts and market consultants. Even so, the weight of the CBOT losses was reflected in prices in the Brazilian scenario this Thursday and they lost up to a little more than R$1.00 per bag both in the interior and ...
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