Soybean prices are rising on the Chicago Board of Trade this Tuesday afternoon (27th). As of 12:50 PM (Brasília time), futures for soybeans showed gains of 3.50 to 5 points in the most actively traded contracts, with November valued at $9.84 and March at $10.16 per bushel. The grain futures were following the upward trend of soybean meal, which was up nearly 1% in the early afternoon.
"Similar to last week, the derivatives continue to support soybeans. Limited soybean meal offers in South America for September and October are driving more demand to the U.S.," reports Agrinvest Commodities. The consultancy adds that "premiums in Brazil remain firm for both meal and oil, and in Argentina, the reduction in crushing in August is already taking its toll."
Traders are aware of the factors driving prices at the moment and are trying to balance them. On one side are the reports confirming the arrival of a bumper crop in the United States, while on the other, there is an increasingly active demand, particularly in the U.S. market, which serves as a significant support pillar for prices.
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