Soybeans retreat in Chicago due to absence of China

According to information from TF Agroeconômica, soybean futures traded on the Chicago Board of Trade (CBOT) fell again this Wednesday (6), pressured by the absence of China among buyers of the new American crop and by estimates of a robust harvest in the United States. The September contract, a benchmark for the Brazilian crop, closed with a decrease of 0.62% (-6.00 cents/bushel), quoted at US$ 965.25/bushel. The November expiration fell 0.66% (-6.50 cents/bushel), ending the session at US$ 984.25/bushel.

According to information from TF Agroeconômica, soybean futures traded on the Chicago Board of Trade (CBOT) fell again this Wednesday (6), pressured by the absence of China among buyers of the new American crop and by estimates of a robust harvest in the United States. The September contract, a benchmark for the Brazilian crop, closed with a drop of 0.62% (-6.00 cents/bushel), quoted at US$ 965.25/bushel. The November expiration fell 0.66% (-6.50 cents/bushel), ending the session at US$ 984.25/bushel. The absence of China in the North American market has been the main concern among analysts. Although Brazilian soybeans are more expensive than American soybeans for some international buyers, the Asian giant has been avoiding new purchases in the US. The expectation is that China will hold or reduce its acquisitions as much as possible until there is a significant advance in bilateral trade negotiations, even though Brazil and Argentina are unable to fully meet Chinese demand. ...