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Soybean Firm in Chicago, Recovering Some Gains on Tuesday, but Movement Remains Fragile

Writer's picture: Ipasai NewsIpasai News
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Soybean futures traded on the Chicago Board of Trade firmed up on the positive side of the board on Tuesday (16), rising over 1% this afternoon, recovering part of the losses from the previous session. By 1:40 PM (Brasília time), prices were up between 4 and 11.50 points on the main contracts, with August at $10.89 and November at $10.44 per bushel.


The market is tracking a recovery in derivatives as well as in corn and wheat, which are also advancing significantly. Corn leads the gains with over a 1% rise.

Traders are breathing a bit easier after the flurry of news over the weekend concerning the attack on Donald Trump.


Although significant attention remains on the U.S. political scenario, the focus is now shifting back to fundamentals, particularly the development of the new U.S. crop. In its weekly crop progress report, the USDA (United States Department of Agriculture) maintained the rating of soybean crops classified as good or excellent at 68%, while the market had expected an increase to 69%.


Therefore, the focus returns to the weather in the U.S. Midwest, the completion of the new crop, and the market's understanding of the demand for American products.


"The GFS model, generated this morning, indicates total volumes up to 75 mm in the southeastern U.S. by Sunday, with higher volumes in southern Illinois and southeastern Missouri. In the next 10 days, moderate accumulations are expected in the southern Corn Belt, southeastern U.S., Delta states, and eastern Southern Plains.


The European model, generated overnight, differs from the GFS only by indicating higher accumulations in Missouri, southeastern U.S., Mississippi, and Louisiana over 10 days. It also forecasts lower accumulations in the Corn Belt," reports the Labhoro group.

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