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The week starts with high prices for soybeans on the Chicago Stock Exchange. This Monday (19), oilseed futures, around 7:50 am (Brasília time), rose between 7 and 9.25 points, after a weekend of dry and hot weather in the western United States. Thus, August had US$ 14.62 and November, a reference for the American harvest, had US$ 14.01 per bushel.
As the general director of Grupo Labhoro, GinaldoSousa, reports, the weekend of drier weather in regions that have already been suffering from these conditions confirmed last Friday's forecasts (16). And the updated map from NOAA, the official US weather service, shows that the heart of the belt is not expected to receive large volumes of precipitation in the next five days.
“Climate models are somewhat in tune and the GFS defines predominantly dry weather, high temperatures and limited rainfall for the central American area over the next 10 days. The main concern is with the high pressure system that is increasing towards the central American area and could remain until the beginning of August, where corn pollination will be taking place”, explains Sousa.
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The states that continue to suffer the most are Minnesota, Nebraska, the Dakotas and Iowa, the largest corn-producing state in the United States. And in these points, dry weather tends to persist. In the east of the country, some moderate rainfall may be recorded.
“Based on the maps released this weekend, with forecasts showing little rain and temperatures above normal on the West side and Northern plains, with the aggravating factor that the high pressure system is advancing towards the central American area, we think it is very likely that the market will start placing a climate premium on corn and soybeans”, adds the director of Labhoro.
Thus, the market awaits the new weekly harvest monitoring bulletin that the USDA (United States Department of Agriculture) brings out in the late afternoon, after the close of business at CBOT, updating the conditions of North American crops.
Trades also monitor weather conditions in other countries in the Northern Hemisphere that have been suffering from adversity, such as Canada with severe heat and Germany, the second largest wheat producer in the world, with excessive rainfall.
By: Carla Mendes | Notícias Agrícolas
