One factor that could have been weighing on the market’s mind is the possibility of heavy rains towards the end of the month in CS Brazil.
But with forecasts looking clearer, this worry seems to be fading somewhat, which may have removed some support from the board.
Besides this tidbit of news, there is not much else to report on the fundamental side.
With Unica likely to be released in the next week, market participants may be waiting for a more definite answer as to not only how Brazilian crush is progressing but the extent to which agricultural yield has been affected by the dry weather before making a more informed decision on whether the market needs to go higher or lower.