Image: Pixabay
Soybean prices continue to rise on the Chicago Stock Exchange in this Friday's session (5), but intensifying the increases in relation to the movement at the beginning of the day. Prices rose between 11.75 and 19.50 points in the main contracts, with July worth US$ 14.34 and August, US$ 13.72 per bushel. At the same time, soybean oil futures rose more than 3% on the CBOT and, as the Agrinvest Commodities team explains, this movement is responsible for much of the support for grain prices in this last session of the week.
According to the consultancy, the derivative rises supported by the reversal of the downward trend in oil, which also rises sharply this Friday; by the projection of palm oil stocks in Malaysia of approximately 10% in the monthly comparison and the reversal of the downward trend of soybean oil itself in Chicago, which reached its lowest point in 16 months without being able to break it.
{module Form RD}
“Demand from the American domestic market has yet to strengthen and is taking advantage of prices that have been at lows for more than a year”, explains the Agrinvest team.
The most traded contract, which is now July/23, rose 3.8%, reaching 54.46 cents per pound.
Movements like these give space for rebounds among oilseed futures, as the market's feeling is still that there is a lack of news strong enough to direct the market in a clearer and more effective way. This news could begin to arrive with the new monthly supply and demand bulletin that the USDA (United States Department of Agriculture) brings out on the 12th.
In fundamentals, the attention is on the favorable climate in the United States and the favorable conditions for the advancement of planting in the country.
Source: Carla Mendes | Notícias Agrícolas
