Contracts for the delivery of soybean grain in March concluded with a 0.28% increase, rising by 3.50 cents to reach US$12.22 1/4 per bushel.
Emily A. Vieira
02/02/2024
Chicago's soybean market experiences another decline, attributed to increased supply from South America and the strength of the dollar. In March, soybean grain contracts closed at US$12.22 1/4 per bushel, marking a 0.28% increase of 3.50 cents.
During electronic session negotiations on the Chicago Mercantile Exchange (CBOT), soybean grain contracts faced lower prices, driven by abundant supply from the Brazilian harvest, optimistic production outlook in Argentina, and concerns about Chinese demand. This, coupled with the dollar's robust acceleration against other currencies, contributes to a bearish market sentiment.
March contracts decreased to US$12.13 per bushel, reflecting a 0.75% drop of 9.25 cents compared to the previous closing. Despite a temporary surge in soybean prices the day before, influenced by investors adjusting portfolios to recover losses from January, the overall fundamental scenario remains negative. Soybean prices recently hit their lowest levels in two years. The May position, however, showed a 0.40% gain, reaching US$12.32 3/4 per bushel.
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