Soybeans and corn fall on the Chicago Stock Exchange this Monday (29)

Soybeans reached one of the best prices of the year in Porto Paranguá (PR), last Friday (26). The indicator, monitored by Cepea, shows that the 60-kilo bag closed at R$133.87, after reaching a peak of R$134.35 on Wednesday (24). This quote was last recorded in the first week of January. Since then, as the harvest progressed, they had been retreating.

In the Port of Paragominas (PA) the accumulated increase for soybeans in June is 5.83% according to the Safras & Mercado agency.

Heavy exports and demand from China, which is already starting to close contracts for the next cycle, help support Brazilian grain prices.

In Chicago, soybeans fell by almost 1% this Monday (29). The market awaits the release this Tuesday (30) of the United States Department of Agriculture's quarterly report on planted area and grain stocks, with the possibility of a higher projection in relation to the previous report.

Soybean oil opened the day on a negative trend but soon reversed the movement, given the uncertainties regarding the price of oil.

After reaching below US$73, the price of a barrel rose again over the weekend, with the US and Iran exchanging attacks. Yesterday, Sunday (28), the two countries agreed to pause hostilities and allow transit through the Strait of Hormuz. Doubts regarding the peace agreement reinforce instability in grain prices.

Source: CNN