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Soybeans start the month of April with a slight drop at CBOT

Posted by Rafael Moro

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Image: Pixabay

At 7:46 am (Brasília time) this Friday (1st), the May contract of Soy the Chicago Stock Exchange (CBOT) had a slight drop of 6.75 points and 0.42%, trading at US$ 1,611.50 cents/bushel, with a decrease of 5.72% in the week so far; the one in July devalued 9.00 points and 0.56%, quoted at US$ cents 1,589.00/bushel – a weekly low of 5.89%.

On Thursday (31), the oilseed spot retracted 2.71%, ending March with a monthly devaluation of 1.13%. Pressure from the reports on quarterly inventories in the March 1st position and about the planting intention of North American producers in the 2022/23 crop, released yesterday by the United States Department of Agriculture (USDA).

On quarterly inventories at March 1st, the USDA pointed to 52.56mt, up from 42.51mt a year ago. The market was expecting 51.90m t. Regarding the intention of the planting area, the agency indicated 36.81 million hectares, against 35.29 million hectares in the 2021/22 season.

Analysts expected 36.00 million ha. This morning, the market reflected the record of sales for exports from the last week, ended on March 24. According to the USDA, the US sold 1.306 million tons of soybeans for the 2021/22 crop year, 217.0% more than the volume sold in the previous week and 1,765% higher than the weekly average stipulated to reach the estimated total of 56.880 million tons.

Information on the behavior of the global financial market, the war in Ukraine, the weather in South America and demand for the North American product follow on the radar.

This text was translated by machine from Brazilian Portuguese.