On the Chicago Stock Exchange, soybeans closed higher following the gains in soybean oil, according to information released by TF Agroeconomic. “The soybean contract for September23 closed up 0.32 % or $ 4.25 cents/bushel at $ 1336.00. The price for November23, the main date traded in the USA, closed up 0.24 %, or $ 3.25 cents/bushel at $ 1349.75”, in addition, he comments.
“The May24 price closed up 0.36 % or $ 5.00 cents/bushel at $ 1381.75. The soybean meal contract for October closed down -0.63 % or $ -2.5 ton short at $ 395.9 and the soybean oil contract for September closed up 3.00 % or $ 1 .83/lb-weight at $ 62.84”, he adds.
The performance of soybean oil supported the gains, recording an increase of almost 3%. “A lower production estimate in the United States boosted the derivative. On Tuesday, the country's Department of Agriculture (USDA) reduced its forecast from 12.26 million to 12.21 million tons”, therefore, he indicates.
“The National Association of Cereal Exporters (Anec) adjusted upwards its estimate for the export of the oilseed. In other words, it will be between 6.8 million tons and 7.378 million tons, compared to 7.320 million tons expected in the previous week. Bran shipments are expected to be 2.160 million tons (compared to 2.073 million tons). However, in the week of September 3rd to 9th, companies shipped 1.298 million tons of soybeans and 388.4 thousand tons of bran. For the period from September 10th to 16th, the expectation is for shipments of 1.787 million t and 708,432 t of bran”, he concludes.
Source: Leonardo Gottems | agrolink
