Soy goes up more than 30 pts in Chicago in this 3rd with a low in the quality of…

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The soybean market recorded good highs this Tuesday morning (9) at the Chicago Stock Exchange. Prices were not only recovering from the latest lows, but also found fuel in the reduction in the index of crops in good or excellent condition reported yesterday by the USDA (United States Department of Agriculture) in its weekly crop monitoring bulletin.

Thus, close to 7:55 am (Brasilia time), commodity futures rose from 23 to 28.25 points, with the November contract back to $14.25 and January being quoted at $14.32 a bushel.

The index went from 60% to 59% of crops in good or excellent condition, as the market expected for this week. The USDA also reports that 30% of the fields are in fair condition, up from 29% last week, and 11% in poor or very poor condition, unchanged.

89% of the soybean fields are in the flowering phase, against 79% a week ago, 90% last year and 88% a multi-year average. There are already 61% of the crops without pod formation stage, against 44% in the weekly comparison, 70% in the annual comparison and in front of 66% on average.

Thus, expectations are reinforced that the USDA could reduce the productivity not only of soybeans, but also of corn in its monthly supply and demand bulletin that arrives this Friday, the 12th. mainly from the drought in the west of the Corn Belt.

“Conditions again dropped in the North, the Plains, Iowa and part of the Delta. Conditions improved in the East of the belt. The Crop Condition Index (CCI) for corn dropped 7 points and for soybeans dropped 3 points. For soybeans, the CCI is in line with last year at 353 points and for corn it is the worst CCI in 5 years – lower than 2019, a year of great planting delay”, explains market analyst Eduardo Vanin, from Agrinvest Commodities.

And the maps for the next few days continue to indicate that the most voluminous rainfall is still concentrated in the eastern United States, with only a few scattered rains reaching the north and west of the country.

The rises in soybeans are also supported by derivatives, as not only oil, but also bran in CBOT is now rising, with increases of more than 2%. The market also follows the advance of corn and wheat on CBOT, which test expressive gains this Tuesday morning.

At the same time, attention remains on the macroeconomic and geopolitical scenarios, as well as on the behavior of Chinese demand.

Here’s how the market closed this Monday:

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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