USDA soy report and oil price dip pressure Brazil markets

Global commodity markets entered a cautious phase ahead of the USDA's monthly supply‑and‑demand report. Oil prices fell more than 2% as investors priced in higher‑for‑longer U.S. interest rates, easing inflation concerns and easing pressure on the dollar. The decline in Brent also lifted sentiment in other commodities.

The USDA confirmed a sale of 500,000 metric tons of U.S. soybeans to China, underscoring continued Chinese appetite for the grain. Chicago soy futures slipped slightly, while corn and wheat futures extended losses, prompting traders to trim positions before the report’s release. In Brazil, traders watched the developments closely, balancing the impact of the USDA data with domestic crop progress and exchange‑rate movements.

Meanwhile, renewed U.S. strikes against Iran heightened geopolitical risk in the Middle East, contributing to the earlier oil rally and adding volatility to equity markets across the region.