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On the day of new reports from the USDA (United States Department of Agriculture), the soybean market continues to operate with stability on the Chicago Stock Exchange. On Friday morning (31), around 6:50 am (Brasília time), prices fell between 1.25 and 3.50 points in the main maturities, taking May to US$ 14.73 and August to US$ 13, 89 per bushel.
Markets adjust before the new numbers arrive, as they could be decisive in redefining the direction of grain prices internationally. The most anticipated report is the planting area intention – Prospective Plantings – for the 2023/24 harvest in the USA.
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The second bulletin arriving today is the quarterly US grain stocks, with figures on the position as of March 1st. This is also highly anticipated data so that the market understands the reality of US supply and how it is heading towards the start of a new season.
In addition to waiting for new information, traders remain attentive to the fundamentals already known – demand and harvest in South America concluding – as well as financial behavior, the volatility still very present among commodities and the behavior of neighboring markets, such as the oil, for example.
The progress of derivatives is also closely monitored. After the intense drops in oil and increases in bran yesterday, this Friday morning oil rose – 0.4% – and bran fell – 0.9%.
Source: Carla Mendes | Notícias Agrícolas
