Soybean futures are trading stable this Tuesday morning (3) on the Chicago Stock Exchange. At around 7:20 am (Brasília time), while July rose 2.75 points and was worth US$ 10.36 per bushel, September was US$ 10.08, up 1 point.

The market continues to monitor familiar scenarios and needs new news. On the one hand, the tense relations between China and the United States - which are keeping Chinese purchases of soybeans on the American market at bay - and the climate for the new US harvest.

Late yesterday afternoon, the USDA (United States Department of Agriculture) released its new weekly crop monitoring report and indicated that American planting is progressing well, although slightly below market expectations. Sowing jumped from 76% to 84% of the area in the week, up until last Sunday (1).

The market expected 86%. A year ago, this figure was 77% and the average for the period was 80%. The report also shows that 63% of soybean crops have germinated, compared to 50% the previous week, 53% last year and 57% of the multi-year average.

The department also reported that 67% of soybean crops are in good or excellent condition, while the market expected 68%. Thus, traders continue to work in a narrow range for futures traded on the CBOT, still divided between fundamentals and the macro scenario. However, they still need fresh news to define the price trend.

This Tuesday, soybean oil and soybean meal futures in Chicago are also trading sideways.

Source: Notícias Agrícolas