Soybean: Futures rise more than 2% in Chicago and find stimulus in…

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The soybean market again intensified its highs this Thursday afternoon (28) on the Chicago Stock Exchange and, around 1:10 pm (Brasilia time), they oscillated between 26.75 and 35 points, with the most distant positions registering the most intense gains. Thus, the November contract – the most traded at the moment and a reference for the American crop – being quoted at US$ 14.43 per bushel.

“Futures rose for the fourth consecutive trading session this Thursday, with the August contract having risen by US$ 1.60 a bushel in the week. Again, the weather supports the quotes. The maps show a lot of heat and less rain for part of the Middle – American West from the 3rd. The conditions of American crops continue to get worse”, explains Eduardo Vanin, market analyst at Agrinvest Commodities.

The map updated by NOAA, the official weather service of the United States, shows that the next seven days – from July 28 to August 4 – show that the rains will continue to be concentrated, during this period, in the eastern and southern areas of the Corn Belt, while the west and north of the belt will still suffer from irregular, limited, poorly distributed and low-volume rainfall.

Rains 7 days USA
US Rainfall Forecast July 28-August 4 – Map: NOAA

Last Monday (25), the USDA (United States Department of Agriculture) reduced the quality of American crops and, according to experts, the process may continue if the weather pattern continues to worsen.

Also this Thursday, the market continues to find support in derivatives, this time in oil. The by-product rose more than 2.5%, following oil, and returned to 60 cents per pound in the most traded contract. Bran, on the other hand, is experiencing a slight profit taking after strong increases at the beginning of the week.

At the same time, attention is paid to the financial sector and the reactions that can still be felt after the change in US interest rates and the release of US GDP data for the second quarter, which takes place this Thursday.

Another stimulus to soybean prices came from the good numbers coming from the USDA for weekly export sales. The volumes were within expectations for both the old and new crops. However, Vanin also recalls that the Brazilian product has proved to be more attractive to buyers, especially with the recent drop in premiums, especially for August and September.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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