Soybeans retreat in Chicago and lose accumulated gains

Thursday was marked by a sharp drop in soybean futures traded on the Chicago Board of Trade, which returned the profits accumulated in recent days. According to information from TF Agroeconômica, the movement was mainly triggered by the significant decline in soybean meal, which had supported the previous increases and now pressured the grain's prices. The November soybean contract closed the day down 2.30%, priced at $10.94 per bushel, while the January expiration fell 2.34%, to $11.08. Soybean meal for December retreated 3.69%, closing at $312.8 per short ton, and soybean oil for the same month ended the trading session with a drop of 0.83%, at $49.28 per pound. The reversal of prices was influenced by two main factors: the prospect of increased Brazilian exports of meal in November and negotiations about a possible strike in Argentina, the world's largest exporter of the byproduct. Without the official reports of U.S. foreign sales, the market also reacted to the disappointing ...