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After the intense lows of the previous session, soybean futures were trading higher on the Chicago Stock Exchange this Tuesday morning (20). Around 8:15 am (Brasília time), prices rose timidly, from 3.25 to 4.50 points, taking January to US$ 14.64 and May to US$ 14.70 per bushel.
The market needs new news right now and is waiting for it while still testing both sides of the table. Yesterday, prices gave way in view of forecasts showing some rain could arrive in Argentina in the coming days, however, the more elongated maps show the country still suffering from drought in the coming months, which maintains important support for prices.
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Alongside the climate issue, concerns about Covid-19 in China are also on the agenda. Cases have risen sharply, the first “official” deaths from the virus have also been recorded and all the news gives rise to some pressure on the prices not only of soybeans, but of commodities in general.
Furthermore, on the Dalian Stock Exchange, the Chinese futures market, agricultural products have also declined, especially bran, vegetable oils and live pigs.
“This month, soybean oil fell almost 5% and palm oil almost 9%. Palm oil stocks in China exceeded 1 million tons for the first time since the statistics began to be collected in 2007”, explains Eduardo Vanin, market analyst at Agrinvest Commodities.
In Chicago, on Tuesday morning, soybean oil indicators had slight drops, while bran – as well as grain – tested a slight increase and the first contract rose from 0.7% to US$ 449.20 per ton short.
Source: Carla Mendes | Notícias Agrícolas
