The soybean market operates with stability this Tuesday morning (31) on the Chicago Board of Trade. After the aggressive low of the previous session, the market is redirected to end the month and commercial year 2020/21 North American. Thus, the main contracts, around 8:00 am (Brsília time), had small variations of just over 1 point. November had, therefore, US$ 13.04 and May/22, US$ 13.20 per bushel.
Traders are keeping an eye on the weather in the United States for the conclusion of the US crop, especially with an eye on Hurricane Ida – which lost strength and was again classified as a tropical storm – and on areas that could be affected about to be harvested. Likewise, the proximity of the harvest also exerts some pressure on prices. Earlier, even, the prices rose stronger.
As reported by Agrinvest Commodities, in New Orleans, after the passage of the Ida, there are structures for lifting grain from the barges to the damaged ships and the return to normality for operations may take time.
“The flow of grains through NOLA is interrupted, a flow that represents 60% of the national grain export capacity”, says the Agrinvest team. “Meanwhile, the American grain will be dammed, impacting its export program, which will begin to gain strength as of October. In relation to soybeans, if the flow problem takes too long to be equalized, it will force buyers to seek other sources, favoring Brazil .
According to the latest weekly crop monitoring bulletin from the USDA (United States Department of Agriculture), the index of soybean and corn crops in good or excellent condition was maintained at 56%, which also helps to make the market more stable. .
In financial terms, the dollar index works in fall and loses 0.26% this Tuesday morning. Oil – in Brent and WTI – also operates in a negative field.
See how the market closed this Monday:
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