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The soybean market starts the week on the negative side of the table. This Monday (23), at around 7:20am (Brazil time), they lost just over 9 points among the main contracts, leaving November at US$12.93 and May at US$13.34 a bushel . Soybeans followed commodities lower this Monday, with the exception of soybean oil, which rose 0.50% to 53.65 cents a pound.
Currently, the climate in South America is becoming the main market. “Climate models include better rainfall in their forecasts for Brazil, Argentina and Paraguay,” says Grupo Labhoro CEO Ginaldo Sousa. However, last weekend was still mostly dry across Brazil, with some areas of Argentina receiving light rainfall.
“For Brazil, the forecast shows that heavy rains will continue in the south, while in the central areas the weather should remain drier, although with better performance than in the first 20 days of October. MATOPIBA The weather should remain dry for the next 10 days,” adds Sousa.
Nevertheless, crops in the country are close to 30%.
In addition, according to Labhoro’s director, attention to geopolitics and the financial market has not yet disappeared and remains on the radar.
“The market is paying attention to the problems of the war in the Middle East and its consequences. On the one hand, it’s positive for energy and commodities, but on the other hand, it’s very negative for the macro, with an impact on agricultural products and pressure on prices,” the executive says.
On Monday morning, the dollar index worked steadily, slightly above 105 thousand points.
Here’s how the market closed last week:
