Better Rainfall in the American Midwest Over the Weekend; Attention to the Next 10 Days
In the early hours of Monday morning (29), soybean prices rose on the Chicago Board of Trade. Around 6:50 a.m. (Brasília time), quotations showed gains of 3.75 to 5.25 points, with May being quoted at US$ 11.64 and July at US$ 11.81 per bushel. Today, the entire complex is rising, with increases also being recorded among oil and meal futures.
Conversely, wheat and corn prices were trading negatively, with the former losing more than 1.5%.
The market still lacks fresh news and, as a result, has been testing both sides of the table in recent weeks. "We start the week without any new fundamental facts, at least so far, that could positively move agricultural commodities. Although Russia has maintained its attacks on Ukraine, there has been no repercussion on Ukrainian grain shipments," said Ginaldo Sousa, CEO of the Labhoro Group.
He further adds that the weekend in the American Midwest saw improved rainfall in states like Iowa, Illinois, Missouri, and Nebraska, which somewhat relieved the drier areas of the western Corn Belt. Attention is now focused on the coming days.
"The forecasts for the next 10 days indicate good rainfall from North to South for the states of Minnesota, Wisconsin, Iowa, Illinois, Missouri, and much of the Southern region, while Eastern and far Western states are expected to receive below-normal rainfall," Sousa details.
The Labhoro director states that, at this moment, only a "radical change in the weather will be able to reverse the situation of oversupply and low demand for soybeans, forcing funds to cover positions."
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