The futures of soybeans in Chicago marked on Tuesday their lowest level in six weeks pressured by the lack of Chinese demand from American supplies and the perspective of a greater competition in Argentina after this country withdrew taxes on the export of the grain.
The market traded flat after falling to the beginning of the session, since the recent losses were considered exaggerated, according to operators.
Wheat futures also recovered after marking new contractual minimums, and the expected impulse of Argentine exports also weighed in the cereal market, where there is already a wide world offer.
“We had put ourselves a bit overende, especially in soybeans,” said Ted Seified, Zaner Ag Hedge Market Strategist.
The most active CBOT contract remained unchanged at $ 10.11 for Bushel, after having fallen earlier than $ 10.05, its lowest level since August 12.
“China is the key buyer of American soybeans,” said Andrey Sizov, director of the Savecon consultant. “The temporal elimination of Argentine taxes exerts more pressure on the market.”
The hopes of a resumption of American soy trade with China were scheduled when a call on Friday among the president of the United States, Donald Trump, and his Chinese couple, Xi Jinping, did not bring news about agricultural products.
Soy and corn face the seasonal pressure of the offer for the beginning of the harvest in the United States, although doubts about yields have helped underpin the futures. The corn harvest had been completed by 11% on Sunday and that of soy in 9%, according to a government report.
The CBOT corn rose 2 cents, to $ 4,2375 El Bushel. The wheat 9.25 cents, at 5.20 dollars El Bushel, having touched its lowest level in almost six weeks to $ 5.0725.
