2023-04-21 21:51:58
Analyst points to herd effect on agricultural commodities in the face of US interest rates
The week ended with another day of declines for soybean futures traded on the Chicago Stock Exchange. With the devaluation of this trading session, the reference contract closed below US$ 15.00, with a drop recorded between 14 and 21 points. May ended the week at US$ 14.83, while July ended trading at US$ 19.50.
The signaling by the Federal Reserve of new interest rate hikes in the USA helped bring down commodities in general this week, with losses that went from 2% – both in Brent and in WTI – or 4% in cotton traded on the New York Stock Exchange. In coffee, drops around 3%.
“A complicated week and as we are in an important week with a lot of sales, with the Brazilian producer making a box of soybeans to pay off debts, we also had a sharp drop in premiums, they reached negative 230 at the peak of the week, one of the lowest in more 20 years This ends up affecting the quotations in the interior”, points out Vlamir Brandanlizze.
The analyst also pointed out that despite the rise in the dollar in the week, prices in Brazil were still unable to sustain themselves due to external factors and pressure from premiums.
“He lost the US$ 15 there in Chicago, it is a pressure situation, unfavorable for soybeans at the moment that the producer needs to make cash to pay the debt in April and the debt in May”, he adds.
In addition, he pointed out that the market also continues to monitor the progress of planting in the United States, which is flowing well according to international reports.
Clique HEREjoin the WhatsApp group of Agricultural News and receive first hand the main agribusiness news
By:
Virginia Alves
Source:
Agricultural News
#cash #pay #debts #soy #producer #week..