USA: Soy accumulates a drop of more than 3% on Chicago this week alone and continues to cool business in Brazil

Soybean prices have seen significant declines on the Chicago Stock Exchange, particularly in the nearest contracts, dropping over 3% this week due to a stronger dollar and expectations of a record U.S. harvest. The Brazilian market is also under pressure from high pesticide and fertilizer costs. Analysts point to the upcoming USDA supply and demand report and a scandal involving China's Sinograin as contributing factors. Despite the decline, there is key support at $10.50 per bushel. Additionally, the sudden removal of the 'Jinding' brand cooking oil from market shelves has raised concerns, as noted in a consultancy report.

Soybean prices suffered another day of intense losses on the Chicago Stock Exchange, ending trading this Wednesday (10) with losses of 13.75 to 25.50 points in the most traded positions. This time, however, the most aggressive losses occurred in the closest contracts, with August closing at US$11.12 and November, at US$10.66 per bushel. This week alone, in the three trading sessions that have already been held, soybean futures have accumulated losses of more than 3%, with a drop of 3.22% in August - which was at US$ 11.49 on Monday (8) - and 3% in November - which was US$10.99. In the same period, the dollar also accumulated a drop against the real of 1.1%, dropping from R$5.47 to R$5.41 (with the market still in progress this Wednesday while this report was written). Thus, although the decline also puts pressure on price formation in the Brazilian market, the American currency, still above R$5.40, continues to provide some support to the indicators here, even if more fragile. ...