Image: Pixabay
Volatility continues and soybean prices fall again on the Chicago Stock Exchange this Friday (28). Just as the highs were, the lows are stronger in the first contracts, with August losing 19.75 points, around 8:05 am (Brasília time), being quoted at US$ 15.12 per bushel. At the same time, November – a reference for the American harvest – had US$ 13.88 and a loss of 9.75 points.
The market returns part of the latest gains and sees the liquidation of part of the positions by the funds. Likewise, traders monitor the weather in the American Midwest and demand behavior.
{module Form RD}
The updated maps continue to indicate rain for the next five and seven days, however, with the largest volumes concentrated further east of the United States. The states of Illinois, Indiana, Ohio, Wisconsin and Michigan are expected to be some of the most benefited.
Iowa, Minnesota, the Dakotas, Missouri and Nebraska are also expected to receive some precipitation, however, with more contained volumes, as shown in the map below, with the forecast for the period from July 28th to August 4th.
On the other hand, very high temperatures are still a concern for American producers. Yesterday, the Drought Monitor showed that soybean acreage under some drought conditions in the US increased by 3%, reaching 53%.
On the demand side, good sales announcements were reported by the USDA (United States Department of Agriculture) this week for undisclosed destinations, which the market expects to be China. All committed soy refers to the 2023/24 harvest.
Source: Carla Mendes | Notícias Agrícolas
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