The price of soybeans on the Chicago Grain Exchange recorded a drop of 11.00 cents in the November/17 contract on Monday (02.10), closing at US$ 9.5725 per bushel. The other highlighted commodity maturities on the CBOT also closed the session with devaluations between 10.00 and 11.00 points.
The North American soybean market opened the week with losses in the main futures prices, reversing the trend observed last week. Prices were pressured by the advance of the harvest in the United States, announced yesterday by the USDA (US Department of Agriculture), confirming high productivity that will put many grains on offer on the market in the coming months.
“The agricultural commodities market, in general, closed this Monday's session in the red, with oil increasing its decline (already recorded at US$1.30/barrel). The November soybean futures contract continues to operate below the 50-day moving average, and as expected, the market's 'bulls' and 'bears' have no news to support any price trend in recent days”, comments AgResource.
The Consultancy also notes that the United States Department of Agriculture announced the sale of two cargo ships of North American soybeans heading to China, for delivery during the 2017/18 commercial year. Asians continue on holiday, with the main exchanges having reduced operations.
“Meanwhile purchases continue to be added with crush volume in China at strong, near-record levels. The advance of harvesters in soybean fields in the United States brings a slight slowdown, with only 22% of the area already harvested, compared to 24% last year and 26% of the 5-year average”, adds AgResource
Source: Agrolink
