Soybean prices are rising once again on the Chicago Board of Trade (CBOT) this Wednesday (26), amidst a week characterized by significant volatility. The nearby contracts are showing more strength, with July increasing by 12 points to $11.75, while November rose by just three points, trading at $11.14 per bushel around 7:55 AM (Brasília time).
"The fundamentals of soybeans on the CBOT remain divided, causing volatility. In the short term, we will see further declines in crop conditions and likely reductions in planted and harvested areas, with low profitability and flooding in Iowa. However, in the medium term, the lack of export demand and large carryover stocks continue to weigh on prices," explains market analyst Eduardo Vanin from Agrinvest Commodities.
Later this week, on June 28, the USDA (United States Department of Agriculture) will release new data on planted areas in the US - with adjustments from the March figures - and the quarterly grain stocks as of June 1. Both reports, especially the area data, are expected to impact price movements going forward.
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