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Porto Alegre, December 15, 2020 – Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed the Tuesday with higher prices. After a bearish start, the market recovered in the afternoon. The good result of the crush in the United States in November, optimism surrounding the American economic stimulus plan and concerns about the climate in Brazil supported prices.
The North American Vegetable Oil Processors Association (NOPA) reported that soybean crushing reached 181.02 million bushels in November, up from 185.25 million the previous month. The market expectation was 180 million.
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The Association also indicated that American soybean oil stocks in November totaled 1.558 billion pounds, compared to the expected 1.548 billion. In the previous month, it was 1.487 billion pounds. Soybean meal exports by the United States totaled 1,081,653 tons in November. In the previous month, there were 945,835 tons.
Soybean grain contracts for delivery in January closed up 14.75 cents per pound or 1.26% to US$ 11.84 1/4 per bushel. The March position was quoted at US$ 11.88 3/4 per bushel, with a gain of 14.25 cents or 1.21%.
In by-products, the January bran position rose US$ 7.50 or 1.97% to US$ 388.20 per tonne. In oil, contracts expiring in January closed at 39.19 cents, an increase of 0.46 cents or 1.18%.
