The price of soybeans on the Chicago Grain Exchange recorded an increase of 4.00 cents on Friday (06.10) in the November/17 contract, closing at US$ 9.7225 per bushel. The other highlighted commodity maturities on the CBOT also closed the session with valuations between 4.00 and 4.25 points.
The North American soybean market closed the week with further gains in the main futures prices, supported by the movement to repurchase positions. After the first weeks of harvesting the new crop, the news coming from crops in the largest producing regions in the United States is of productivity below the average of the last two years.
“The market here at CBOT operated for another session on the rise, with a pre-weekend positioning. Fields planted with late soybeans in the northernmost regions of the Farm Belt bring in surprisingly low numbers. However, even more time and more harvested soybeans will be needed to determine a clear trend, but this week's reports have already managed to stop part of the 'market bears'”, analyzes AgResource Consulting.
According to analysts, prices in the North American physical market, specifically in the central regions of the Belt, are beginning to react to the arrival of rain and the improvement in water levels in the grain flow riverways: “The piled up stocks of grain, are now gradually reduced with the return of the ferry flow with more intensity. Investment funds pile up more net long positions in the soybean market, justifying the new and recent rallies in the soybean market.”
Source: Agrolink
