Soybeans lose more than 1% on the Chicago Stock Exchange with planting in the US and concerns about demand

The grain market on the Chicago Board of Trade gives up more than 1% between soybean, corn and wheat futures, with corn leading the losses. Around 7:30 am (Brasília time), oilseed prices lost between 10.25 and 11.75 points in the main maturities, with May being quoted at US$ 8.35 and August, US$ 8.39 per bushel. 

The greatest pressure, according to analysts and consultants, came from concerns about demand for the North American product, especially in the face of a new round of tension between China and the United States. 

Last Thursday (30), North American President Donald Trump stated that phase one of the agreement with the Chinese would have been put on the back burner in the face of the problems caused by the coronavirus. More than that, Trump even threatened the Asian nation with the possibility of more tariffs. 

In the trading session on Friday, May 1st, the impact of the statements was quite limited, with traders even receiving the news that China had purchased an additional 264 thousand tons in the North American market, with volumes for 2019/20 and 2020/21. 

As analysts from the international consultancy Allendale, Inc. explain, there is great concern in the international market also with North American domestic demand due to the closure of some refrigeration plants also due to Covid-19. 

“Traders will continue to monitor the spread of the virus as well as any new movements and escalation of tensions between China and the United States,” says Allendale. 

Likewise, the market is also paying attention to the progress of planting the 2020/21 harvest in the USA, with the new weekly harvest monitoring bulletin that the USDA (United States Department of Agriculture) brings out at the end of the day. 

Expectations are that oilseed sowing will be between 16% and 18% of the estimated area, against 8% last week. For corn, between 45% and 48% are expected. The weather has favored the smooth running of field work and helped weigh on the prices. 

Complementing the scenario of pressure on prices, there are still new lows being observed in oil, which falls by more than 5% in New York, with the barrel being quoted at US$ 18.70.

Source: Notícias Agrícolas

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