On the Chicago Stock Exchange the soy closed on a high with the weather in Brazil and nods from China, according to information released by TF Agroeconomic. “The soybean contract for January/24, the next date negotiated in the USA, closed at a high of 1.77 %, or $ 23.50 cents/bushel at $ 1351.75”, he comments.
“The price for May/24, a reference for the Brazilian harvest, closed at a high of 1.79 % or $ 24.25 cents/bushel at $ 1379.00 The soybean meal contract for December closed at a high of 3.71 % or $ 15.8 ton short at $ 442.1 and the soybean oil contract for December closed at a low of -1.91 % or $ -0.96/pound at $ 49.36”, completes the consultancy.
Signs of demand for North American soybeans supported the fourth consecutive rise in prices, with a positive result for the week. “China is making several nods to the US, with constant purchases and meetings with commercial entities. Furthermore, Brazil's climate difficulties at the beginning of the harvest still generate uncertainty about soybean numbers in the country.
These two factors combined are giving encouragement to American investors, who have been betting on soybeans and soybean meal in recent days. With this, soybeans closed the week at a high of 2.44% or $32.25 cents/bushel for January/24. Soybean meal closed with a slight loss of -0.07% or -0.30 short ton. Soybean oil closed the period at a low of -5.57% or $-2.91/pound”, he indicates. “Egypt’s GASC reserved 23 thousand tons of soybean oil and 27.5 thousand tons of sunflower oil after issuing an international tender,” concludes the agroeconomic consultancy.
Source: Leonardo Gottems | agrolink
