Soybeans retreat in Chicago with China's absence in purchases

Soybeans traded on the Chicago Stock Exchange ended the day and the week lower, pressured by the absence of China on the buyers' lists and the expectation of a large crop in the United States. According to TF Agroeconômica, this was the third consecutive weekly decline, with some operators projecting that the USDA will need to revise upwards the productivity and harvested volume figures, favored by the suitable weather during the most critical phase of crop development.

Soybeans traded on the Chicago Stock Exchange ended the day and the week lower, pressured by the absence of China in the buyers' lists and the expectation of a large crop in the United States. According to TF Agroeconômica, this was the third consecutive weekly decline, with some traders projecting that the USDA will have to revise upwards the productivity and harvested volume figures, favored by the adequate weather during the most critical phase of crop development. At the close of this Friday (09), the soybean contract for September, a benchmark for the Brazilian crop, fell 0.68% (US$ -6.50 cents/bushel), to US$ 967.38, while November declined 0.65% (US$ -6.50), to US$ 987.25. In the derivatives market, meal for September advanced 0.18% (US$ 0.50/short ton), to US$ 276.60, and oil for the same month fell 1.48% (US$ -0.79/pound-weight), to US$ 52.71. Despite good demand from other destinations this week, the absence of China—the main importer of American soybeans—sets off an ...