Soybean Futures Market Opens Friday Session with Gains on CBOT

Soybean futures contracts opened the Friday session (September 9th) with gains on the Chicago Board of Trade (CBOT), with the main maturities showing advances of 3.75 points around 8:16 AM (Brasilia Time).

The September 2024 contract advanced by 3.75 points and was priced at $9.97 per bushel. The November 2024 contract was quoted at $10.12 per bushel, also up by 3.75 points. Meanwhile, the January 2025 contract traded at $10.28 per bushel, with an increase of 3.75 points. According to international agencies, the market is trending upwards due to expectations surrounding the U.S. Department of Agriculture (USDA) supply and demand report, which is set to be released next Monday, the 12th.

"There is still a possibility that the USDA could adjust its planted area estimates. If they do, we tend to expect a downward revision. On the demand side, new crop export demand has been slow, with very little officially sold to China, though sales to unknown destinations have occurred," highlighted Successful Farming.

According to Agrinvest, the soybean market hit new lows in the previous session due to American producers selling and liquidating their carryover stocks.