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Soy falls moderately on CBOT this afternoon

Posted by Rafael Moro

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At 1:03 pm (Brasília time) this Thursday (24), the May soybean contract on the Chicago Stock Exchange (CBOT) registered a moderate decline of 12.00 points and 0.70%, quoted at US$ 1,706.75 cents. /bushel; July's was down 10.00 points and 0.59%, trading at US$ 1,688.50/bushel cents.

However, in the accumulated result for the week, the grain spot accumulated a high of more than 2%. WTI oil fell by more than 2% on the New York Commodity Exchange (Nymex), putting pressure on soybean oil prices, whose spot was down 1.55%. In addition, palm oil dropped sharply this session on the Malaysian Derivatives Exchange (MDEX) due to the technical profit-taking move.

The fall in corn and wheat markets also had repercussions, as well as the continuation of the war in Eastern Europe, which is completing one month. The United States Department of Agriculture (USDA) today released its export sales record for the week ended March 17. The publication shows that cancellations exceeded sales by 13 thousand tons in the 2022/23 harvest.

On the other hand, sales for the 2021/22 crop totaled 412,000 t, 67.1% below the amount sold in the previous week, but 232.2% higher than the weekly average stipulated to reach the estimated total.

In addition, on Thursday morning, US exporters reported to the USDA a sale of 318,200 t of soybeans to an undisclosed destination, with shipment scheduled for the 2021/22 commercial year. This week, sales of the oilseed total 558.2 thousand t.

This text was translated by machine from Brazilian Portuguese.