Favorable weather in the U.S. is pushing soybean prices lower in Chicago

Soybean futures traded on the Chicago Board of Trade (CBOT) fell for the third session in a row this Tuesday (30).

The market continues to be pressured by favorable weather conditions in the US. Also, falling oil prices contributed to the decline.

Weather reports indicate good rainfall and moderate temperatures in August in the North American Midwest. Conditions favor the evolution of crops and lead to full harvest.

It is important to remember that August is necessary to define the production capacity for grain production in the United States.

United States Department of Agriculture (USDA) Soybean crop status data was released yesterday. As of July 28, 67% were, according to the agency
Good and excellent conditions, 25% in typical conditions and 8% in poor and very in-between conditions
worse. In the previous week, the rates were 68%, 24% and 8% respectively.

Soybean futures contracts

you Soybean grain contracts September delivery closed 19.00 cents lower, or 1.84%, $10.11 per bushel. The quote was in the November position $10.21 1/4 per bushelA loss of 18.25 cents or 1.75%.

Among byproducts, December bran levels fell US$5.50 or 1.7% to US$318.00 per tonne. In oil, the contract for December expiration gained 0.08 cents, or 0.19%, to end at 41.90 cents on the dollar.