The price of soybeans on the Chicago Grain Exchange registered an increase of 3.00 cents on the Chicago Grain Exchange on Wednesday (04/10) in the November/17 contract, closing at US$ 9.5825 per bushel. The other highlighted commodity maturities on the CBOT also closed the session with valuations between 2.75 and 3.00 points.
The North American soybean market recovered and had a day of slight gains in the main futures prices, recovering the losses recorded the previous day. In the absence of news that dictates the business trend, the movements are eminently technical, with investment funds recomposing positions.
“The market here in Chicago today was mixed for agricultural commodities. With some operating lower while others closed higher. November soybeans found support in the 100-day moving average and are unlikely to break this level, without the pressure of some bearish news”, points out AgResource Consulting.
According to these analysts, productivity reports show that soybean plots planted later, and which are beginning to be harvested now, show a more evident decrease in productivity: “Droughts were a problem observed during the definition of pods in the west of the Belt and during grain filling in the east of the Belt. A perfect harvest has not been defined, like last year. AgResource also warns that Chinese market operators will return with more intensity in the coming days, with the end of seasonal holidays in Asia. Our contacts in China say a new aggressive round of soybean purchases is expected in mid-October.”
Source: Agrolink
