Soybeans down at CBOT this Thursday after profit taking

Soja em baixa na CBOT nesta quinta após realização de lucros
Image: Canva

After starting with gains, futures prices soy fell this Thursday afternoon (23) on the CBOT due to profit taking. The soybean market started to work with drops of 5.00 to 1.50 points in the main maturities. 

At around 1:37 pm (Brasília time), the July/24 contract was priced at US$ 12.41 per bushel and with a loss of 5.00 points. Furthermore, August/24 was quoted at US$ 12.39 per bushel and down 4.00 points. Expiration for September/24 is US$ 12.20 per bushel, down 2.25 points; November/24 at US$ 12.16, down 1.50 points. 

According to the Director of Pátria Agronegócios, Cristiano Palavro, the soybean market is experiencing a lower supply, mainly from the south of Brazil. “Production affected by weather conditions, combined with extremely concentrated demand during this period, is keeping soybean prices sustained,” said Palavro in an interview with Notícias Agrícolas. 

According to information from Labhoro Corretora, investors are more cautious as the extended weekend approaches due to the Memorial Day holiday on Monday (27), as climate forecasts continue to point to rain for the USA, which may affect the rate of planting.

The United States Department of Agriculture (USDA) released weekly sales data for the week ending May 16, with volume within expectations, however most of the data were close to the estimated minimums for both the 23/24 harvest and as for the 24/25 harvest.

Source: Andressa Simão | Notícias Agrícolas

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