The soybean market operates with double-digit highs this Tuesday morning (24) on the Chicago Board of Trade after the USDA (United States Department of Agriculture) indicated a deterioration in American crops yesterday in its weekly crop monitoring bulletin . Thus, around 7:35 am EDT, prices rose between 13.50 and 14.50 points in the main contracts, with November – a reference for the American crop – worth US$ 13.07 per bushel. May/22 had US$ 13.17.
The index of soybean crops in good or excellent condition rose from 57% to 56% in the week. A year ago, 69% of the fields were in good or excellent condition. The USDA also reported 28% of the fields in good condition and 16% in poor or poor condition. A week ago, the numbers were 28% and 15%, respectively.
While the market follows the conditions of the American fields, it also monitors the climate picture in which they complete. Maps from NOAA, the official US service, show good rainfall accumulations in states like Minnesota, Iowa, Wisconsin and far north of Illinois. The Dakostas are also expected to receive good rains and now what is expected to be understood is whether this moisture will be enough to promote some plant recovery where it is needed.
The map below shows the expected conditions between the 24th and 31st of August. The moment is decisive for determining US productivity.
On the financial side, pay attention to the rise in oil prices, which continue and now exceed 1% after the last and intense falls, and the rise in the dollar index.
Among soy derivatives, oil futures continue to rise, more than 1% this Tuesday morning, as well as bran, but in a more timid way, at almost 0.50%.
See how the market closed this Monday: