The market of soy rose again on the Chicago Stock Exchange this Wednesday (16), recovering part of the losses from the previous session. At around 9:50 am (Brasília time), prices rose between 4.25 and 6.50 points, with the November contract being traded at US$ 9.97 and the May contract – reference for the Brazilian harvest – quoted at US$ 10.34 per bushel.
Soybean meal and soybean oil futures are also up. Soybean meal is adjusting after losses yesterday, when higher U.S. soybean crush figures for September, released by NOPA (National Oilseed Processors Association), negatively impacted the market. This was the largest volume for the month on record. On the other hand, soybean oil is maintaining its gains, driven by the lowest U.S. stockpiles since November 2014, according to NOPA data.
Thus, soybean derivatives have played an important role in supporting grain prices.
Grain Market Remains Firm
According to market analysts and consultants, the grain market remains firm, even with the USDA (United States Department of Agriculture) announcing this Tuesday (15) that the North American soybean harvest is above expectations. Currently, around 70% of the soybean harvest in the USA has already been completed, which confirms a robust harvest.
Climate in Brazil Attracts Traders’ Attention
Despite the American harvest, the market is keeping an eye on the weather conditions in Brazil. Rainfall is spreading more regularly, allowing soybean planting to advance. However, there is still a delay, which keeps traders attentive to the planting pace.
“The good pace of the American harvest and the improvement in rainfall in Brazil resulted in a drop in the November contract in 11 of the last 12 sessions, accumulating a loss of 7% in about two months, with the contract testing US$ 10.69 per bushel”, comment the experts.
Source: Carla Mendes | Notícias Agrícolas
