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At the Chicago Board of Trade, Soybean Follows Wheat's Rise and Awaits USDA Report

Writer's picture: Ipasai NewsIpasai News
soybean

This Friday (10th), soybean and corn prices are on the rise at the Chicago Board of Trade, following the upward trend of wheat, which saw an increase of over 2% this morning. Investors are eagerly awaiting the release of the USDA's (United States Department of Agriculture) new monthly supply and demand report. Around 7:40 a.m. (Brasília time), soybean's main contracts were up by 2.75 to 4 points, with the July contract quoted at $12.12 and August at $12.13 per bushel.


Additionally, the market is keeping an eye on advances in soybean meal and oil, which are also up this Friday, with oil recording an increase of over 1%. These movements are providing additional support to the grain market, which saw soybean close lower yesterday.


The week has been marked by volatility, with traders making adjustments ahead of the USDA's data release, especially those related to the new U.S. crop. Meanwhile, they continue to closely monitor the impacts of historic floods in Rio Grande do Sul, Brazil's second-largest soybean-producing state.


Weather in the United States and planting progress are also being closely watched, along with demand behavior. American sales remain weak, while Brazil maintains strong export performance. Numbers released by the USDA yesterday showed weekly sales of the old crop at around 400,000 tons, in line with expectations but without causing major market movements.

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