May’s soybeans enter Tuesday (28) at risk of breaking down to US$15 a bushel.
If today’s loss is confirmed, it will be the fifth consecutive trading session with a drop in the Chicago Board of Trade (CBOT).
At 7 am (Brasília), it lost 0.35%, at US$15.06.
Yesterday, there was even an attempt to adjust by changing the driver contract, but it sank.
There is not much else to consider. The fundamentals are right on this line.
The desperate situation of Argentine producers, the third largest in the world, with a harvest of 33 to 30 million tonnes, the lowest in 14 years due to the severe drought, no longer provides decisive support.
It may change one day or another if new lows are reported, but it returns later.
The US$15.40, already in Chicago’s March screen, was canceled by the entrance of the Brazilian harvest increasingly voluminous.
The latest data from the USDA, in the Outlook Forum of the previous week, is that the summer planting in the United States will be at least in the same area as the previous crop and, if the weather is good, unlike last week, the production will increase by about 10 million tonnes, to 125-126 million/t.
And Chinese demand is thrifty.
With information from Money Times