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Soybean prices rose on Friday morning (9) on the Chicago Stock Exchange, the day of the new monthly supply and demand bulletin from the USDA (United States Department of Agriculture). At around 7:55 am (Brasília time), prices rose between 1.75 and 6.25 points, with July worth US$ 13.69 and November, US$ 11.91 per bushel.
Traders continue to monitor their fundamentals, especially US weather conditions and the latest updated images from the Drought Monitor, the system that monitors drought in the country, pointed to a worsening in the maps for both soybeans and corn, which supports the advance in prices.
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Furthermore, May ended with only 53% of the normal volume of rainfall for the month, being the driest since 1994 and the seventh driest since 1895, which makes even more evident the need for the rains that are expected to be confirmed between June and July.
The weather in the American Midwest therefore remains at the center of traders' radar.
Little change is expected for Friday's USDA. Expectations indicate the possibility of an increase in ending stocks of soybeans and corn from the old US crop, as well as the new crop.
“The USDA’s June global supply and demand estimates may not have much to say about corn and soybeans, but there will be new wheat crop estimates from around the world,” explains international analyst Todd Hultman of the North American portal DTN The Progressive Farmer. Thus, following the update of cereal data will be another important point this Friday.
Source: Carla Mendes | Notícias Agrícolas
