Soybean prices in Chicago have been recovering after reaching their lowest value in more than four years. According to a market analysis by the International Center for Economic Analysis and Agricultural Market Studies (CEEMA), the bushel of the oilseed, which fell to US$ 9.38 on August 16, closed on Thursday (05) at US$ 10.08, consolidating an increase in relation to the US$ 9.73 of the previous week. The average for August was US$ 9.84 per bushel, a drop of 11.8% over the previous month.

In the annual comparison, the decline was significant. In August 2023, the average was US$ 13.88/bushel, representing a decrease of more than four dollars in 12 months. Crop conditions in the United States also influenced the market, with 65% of areas classified as good or excellent at the beginning of September, a significant improvement compared to the 53% recorded in the same period last year.

Demand also contributed to the rise in prices. According to data from CEEMA, China purchased 23 ships of soybeans this week, 12 of which were from the United States, strengthening prices in Chicago and increasing premiums at North American ports. This movement, in turn, boosted prices in Brazil, since Chinese interest also turned to the Brazilian market.

With the expectation of a reduction in interest rates in the United States, scheduled for the period between September 17 and 18, investment funds have increased their purchases of commodities, including soybean contracts, which helped to further push prices upward.

In Brazil, domestic prices also reacted. According to CEEMA, the average for the state of Rio Grande do Sul was R$121.33 per bag, while in other regions of the country, values ​​ranged between R$118.00 and R$130.00 per bag.

Source: Agrolink