The price of soybeans on the Chicago Board of Trade (CBOT) rose 0.75 points on Monday (04.02) in the March/19 contract, closing at US$ 9.185 per bushel. The other prominent maturities of the commodity on the CBOT also closed the session with gains between 0.75 and 1.00 points.
The main futures contracts had another day of slight gains in the North American soybean market, after a private sale of exports of (only) 612,000 tons of soybeans to China. “The market was expecting at least 5.0 million tons. The weekly report of Inspections of American Soybean Export Shipments showed 975,775 MT of soybeans exported in the last week of January. This was slightly higher than the previous week, but it is still 25.2% below this same week last year”, points out analyst Luiz Fernando Pacheco, from T&F Consultoria Agroeconômica.
According to AgResource Consulting, the beginning of the week was apathetic for the Market until the USDA announced the sale of US soybeans to China: “However, this was not a totally 'unexpected' surprise, since ARC had already been alerted by its contacts that another 2-2.5 MT of the US oilseed was scheduled for delivery between June and September, in
Chinese ports”.
Chinese ports”.
“If the USDA also confirms this new purchase, the total of 5 MT promised by the Asian delegation in the last debate of the Trade War, last week, should already have been fulfilled. In Brazil, the harvest has been accelerating aggressively, with droughts scattered throughout the center of the country. ARC estimates that by February 1, 19.3% of soybeans had already been removed from Brazilian fields. Compared to 6.4% in 2018 and 10.9% in 2017”, conclude the ARC analysts.
Source: agrolink | Author: Leonardo Gottems
