Soybean prices are trading steadily this Tuesday (14), following the sharp drop in the previous session on the Chicago Board of Trade. The market remains torn between technical and fundamental factors, in addition to the ongoing influence of the macroeconomic landscape and the geopolitical situation.

Around 7:40 a.m. (Brasília time), prices were rising modestly, by 1.75 to 2.50 points in the main delivery months, bringing May to $11.64 and July to $11.79 per bushel.

Soybean meal was up more than 1%, still supported by its fundamentals and also providing significant support to soybean futures. On the other hand, soybean oil posted slight declines, limiting gains.

Traders are also keeping an eye on the start of the U.S. planting season. Yesterday, in the late afternoon, the USDA (U.S. Department of Agriculture) released its first weekly crop progress report, showing above-average figures and soybean planting already 6% complete.

Weather conditions are now favorable for fieldwork and may be an additional factor putting pressure on prices in the coming weeks.

Source: Notícias Agrícolas