2023-11-02 23:00:26
This Thursday (2), soybean futures traded on the Chicago Stock Exchange ended the day with good increases. The most traded contracts rose between 13.75 and 14.50 points and intensified their gains during the day. Thus, November closed the session at US$ 13.04 and May at US$ 13.56 per bushel. Oil also rose strongly, ending the session with more than 1% increase and was also fuel for the grain’s gains.
“The irregular weather in South America was the main fuel for this session’s increases, although demand behavior is also important at this time”, stated market analysts from the American portal The Farm Futures. The market worked with behind-the-scenes information that China had purchased six to 10 positions of soybeans from the US.
According to figures reported by the USDA (United States Department of Agriculture) this Thursday, in the week ending October 26, the USA sold 1.010 million tons of soybeans, while the range expected by the market was 900 thousand to 1.5 million tons. Volume was 27% lower compared to the previous week and 13% lower compared to the average of the last four weeks. China was the main buyer of American oilseeds.
Throughout the season, the country has already committed 23,269.1 million tons, compared to just over 32 million in the same period last year. The USDA’s total estimate is that North American exports are 47.76 million tons.
The market continues to give more and more space to information about the still very irregular climate in Brazil, which keeps planting delayed, as well as the possibility of the arrival of this new supply, which also ends up being an important support for CBOT prices.
Forecasts continue to indicate adverse conditions for the advancement of field work, especially in the south of the country, where more rain is expected, a new cyclone and in areas where there are already waterlogged fields and irreversible losses, in corn, for example.
“The GFS (American) model, generated this afternoon, indicates light accumulations of precipitation for PR, MG, north of GO, TO, northwest of MT, south of BA, north of Buenos Aires, Entre Rios, Santa Fé and east of Santiago del Estero. Moderate to heavy rainfall was indicated for RS, SC and the entire producing region of PY. Weather is forecast for the rest of the producing region in Brazil
seco”.
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