Agrinvest highlighted that the movement was mainly supported by the USDA supply and demand report, which brought revisions considered bullish for the North American balance. Although production underwent only a slight adjustment — from 121.10 million to 120.7 million tons, the highlight was the strong reduction in ending stocks, which fell from 12.93 million to 8.44 million tons, reflecting .
This increase in consumption is linked, above all, to the increase in soybean crushing in the United States. The USDA raised the crush projection from 72.26 million to 74.8 million tons. In the derivatives market, consultancy Agrinvest highlighted that the bias was also positive, with soybean oil recording gains of more than 1%, while crushing margins remain very high in the country, reaching over US$100 per ton in some regions.
