After hitting a two-year low in the trading session, prices rebounded and recovered.
Soybean prices aimed for recovery on the Chicago stock exchange following a dip in futures contracts to their lowest point in over two years during the last session. This Monday (5/2), March-expiring lots experienced a 0.65% increase, trading at US$ 11.9625 per bushel.
Enilson Nogueira, an analyst at Céleres Consultoria, notes, “The grain mirrored the uptick in derivatives [oil and bran] this Monday, but I interpret this upward movement more as a ‘breathing spell’ than a shift in the commodity's price trend.” Despite the rise, he emphasizes that the bearish scenario for soybeans persists
Nogueira suggests, “Although Brazil faces supply issues, Argentina's harvest is robust, exceeding 52 million tons. Coupled with China's decelerated soybean purchases, it constitutes a significant demand factor exerting downward pressure on prices in Chicago"
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