This Wednesday (1), the soybean market on the Chicago Stock Exchange continues the increases recorded in the previous session, however, in a more limited way. After gains of almost 20 points in the previous session, oilseed futures rose between 4.25 and 5.75 points, around 8:25 am (Brasília time), with July already quoted at US$ 8.90 and November , US$ 8.86 per bushel.
Traders continue to reflect on the numbers released by the USDA (United States Department of Agriculture) yesterday, which showed the area planted with soybeans in the country at 33.91 million hectares, when expectations exceeded 34 million.
The soybean market – both in Chicago and in Brazil – is ending a dramatic semester, starting a new one with a series of uncertainties and perspectives that are still expected to bring a lot of volatility to business, as market consultant Steve Cachia, from Cerealpar, explains.
“A dramatic semester ends with the threat of a locust invasion and the damage caused by the bomb cyclone in Brazil and a strong rally in Chicago. This second half of the year tends to remain quite nervous, with C19 under control and an economic recovery on the radar. Meanwhile, Brazil has less and less soy available, forcing China to look for product from the USA, whose harvest has not yet been defined”, says Cachia.
Furthermore, Wednesday is positive for all agricultural commodities, with assets on the blue side of the table both in Chicago and on the New York Stock Exchange. The world is, little by little, regaining its breath and giving space for some recovery among markets, but still in a very fragile way.
This morning, WTI oil rose more than 1.5% in New York, with a barrel being quoted at US$ 39.96.
Source: Notícias Agrícolas
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