Tridge summary
Thursday was marked by a drop in soybean futures contracts on the Chicago Board of Trade (CBOT), following two consecutive sessions of appreciation. According to TF Agroeconômica, the movement was influenced by profit-taking and the absence of official reports from the United States Department of Agriculture (USDA), which led investors to adopt a more cautious stance in the face of a lack of concrete references about the market.
Original content
The November soybean contract closed down 0.70%, quoted at US$ 1,022.25 per bushel, while the January contract fell 0.57%, to US$ 1,038.50. Among the derivatives, soybean meal for October dropped 0.41%, to US$ 269.70 per short ton, and soybean oil for the same month lost 1.16%, closing at US$ 50.38 per pound. These numbers reflect the accommodation of prices after the recent highs, driven by speculations about financial aid from the American government to farmers. The expectation of a "significant program" of support, confirmed by Secretary of Agriculture Brooke Rollins, had given momentum to the quotes, but the lack of concrete details and deadlines generated uncertainty. "The perception is that producers will have to sell part of the production to raise funds, and the market begins to price this in," observed Jack Scoville, an analyst at the Price Group. With ...
Source: Agrolink
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