Soybean futures on the Chicago Board of Trade see continued upward
movement, particularly among the most traded contracts. Around 12:30 pm (Brasília time), prices for May and August contracts rise between 10.50 and 12.25 points, with May quoted at US$ 11.63 and August at US$ 11.72 per bushel. Notably, Monday brings increases not only for soybean futures but also for oil and bran, each rising over 1% in key positions.
Despite the market's current uncertainty, it relies on known information while anticipating the upcoming USDA monthly supply and demand bulletin scheduled for this Friday (8). Additionally, adjustments are underway for the new area reporting for the 2024/25 US harvest at the end of this month.
Ginaldo Sousa, the general director of Grupo Labhoro, notes the market's vulnerability with oversold funds but emphasizes its dependence on demand. Demand remains cautious, securing supplies cautiously due to the abundant volumes from South America, even in the face of challenges in the Brazilian soybean harvest.
Sousa anticipates a reduction in the USDA's estimate for the Brazilian soybean harvest by at least three million tons on March 8, compared to its February estimate of 156 million.
Moreover, Monday sees support from the USDA's report of new sales, including 2023/24 corn from the USA to Taiwan and bran (2023/24 and 204/25) to undisclosed destinations.
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