The prices of soy intensified their highs and are operating with double-digit gains on the Chicago Stock Exchange this Monday afternoon (19). At 2 pm (Brasília), prices rose 14-14.75 points; September: US$ 9.53 and November: US$ 9.71 per bushel.
The soybean grain market follows the wake of meal futures, which have soared and are up more than 2%. “Meal prices are rising due to the high premiums for the derivative in Brazil and the low supply in Argentina,” says the Agrinvest Commodities team.
The weak dollar in Brazil favors the oilseed, as it discourages producers from selling, according to the consultancy. “Farmer selling last week was very slow.” Sales of new soybeans by the USDA on Monday boosted the market at the beginning of the week, after a difficult previous week.
Despite the good gains observed in today's trading session, the market is still facing a fundamental scenario that keeps prices under pressure, especially with the good prospects for the new harvest in the United States. In addition, weather conditions remain favorable for crop development, and traders are therefore keeping an eye on the possibility of a record harvest of over 124 million tons, which is getting closer and closer.
Furthermore, this week, the market awaits data from Pro Farmer, the traditional US crop tour, which may, in turn, influence prices.
Source: Carla Mendes | Notícias Agrícolas
