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Derivative reflects gains from WTI oil.
At 1:17 pm (Brasília time) this Friday (10), the March soybean contract on the Chicago Stock Exchange (CBOT) registered a moderate increase of 11.75 points and 0.77%, quoted at US$ cents 1,531.00/bushel, but with a downward bias in the weekly accumulated; that of May rose 11.50 points and 0.76%, trading at US$ cents 1,523.25/bushel.
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The grain intensified the gains observed this morning due to the significant appreciation of 1.93% in soybean oil, which, in turn, reflected the gain of 2% in WTI oil on the New York Stock Exchange (Nymex).
Traders follow the news coming from China, the largest global importer of soybeans. The Asian country's banks sharply expanded lending in January as the government mobilized to boost economic growth.
They also keep an eye on the climate in South America. The day before (9), the Buenos Aires Grains Exchange (BCBA) cut the estimate for Argentina's 2022/23 soybean harvest to 38 million tons, compared to the previous projection of 41 mi de t.
However, this afternoon's gains were limited by the risk aversion of the financial market – the index (DXY) advanced 0.28%. The bran operated in stability.
Source: datagro
