The soybean market continued to operate with stability on the Chicago Stock Exchange this Friday (3), but this morning it was experiencing slight gains. Around 7am (Brasília time), prices rose between 0.25 and 1 point in the main contracts, taking May to US$ 8.58 and August to US$ 8.66 per bushel.
Oilseed futures remain attentive to issues linked to the coronavirus pandemic, especially with the USA being the new epicenter of the crisis, and the situation in the country worsening very severely there, daily. On the other hand, some countries are entering the recovery phase.
In the same way, little by little the market also turns to its fundamentals of supply and demand and the start of the new North American harvest.
“Without news of new American sales to China, today we will probably be at the mercy, again, of news about the war against Covid-19”, believes Steve Cachia, market consultant at AgroCulte and Cerealpar.
More than that, the executive also reinforces that “the demand for soybeans and corn remains strong on the international scene and this is reflected in the current historical price levels in Brazil. But, of course, the exchange rate has helped a lot.”
Source: Notícias Agrícolas
