This Monday, the futures contracts on Soybeans in Chicago have dropped to their lowest level in seven weeks. Traders are liquidating their long positions due to the weak demand for American exports and the Brazilian harvest imminent.

Wheat futures fell due to of the important production in Argentina and Australia, which came add to an already abundant supply. Soybeans hit a 17-month high at $11,695 in November, but the size of purchases has since fallen by around 8% Chinese export of American soybeans following a trade truce between the two countries having disappointed the traders.

Corn followed the decline in wheat. The most Assets on soybeans on the Chicago Board of Trade (CBOT) fell by 0.1% to 10.75.75 $ per bushel at 4:38am GMT, while wheat lost 0.3% to $5.27.50 the bushel and corn 0.1% at $4.40.50 per bushel.

All three cultures recorded declines by compared to the multi-monthly peaks reached in November, even if maize has the better resisted thanks to strong American export demand.

Exports American soybean prices this year are significantly lower than the rate of the year last and the competition will intensify in early 2024 when Brazil, first global producer, will begin to harvest a potentially record harvest