Soybean Prices Rise Nearly 1% in Chicago This Tuesday Morning, Continuing to Follow Soybean Oil

The soybean market continues its upward trend from the previous session, operating in positive territory on the Chicago Board of Trade (CBOT) this Tuesday morning (2nd), with double-digit gains in the early contracts. Around 7:40 AM (Brasília time), prices were up between 6.75 and 11.25 points in the most traded contracts, with July trading at $11.70 and November at $11.17 per bushel.

The price increases are following the continued rise in soybean oil futures, which surged over 4% on the CBOT yesterday. This increase is driven by a more aggressive buying behavior from investment funds and speculations of higher demand for soybean oil for biodiesel production in the US. Soybean meal prices are also rising this Tuesday.

The latest report from the USDA (United States Department of Agriculture) maintained the index of crops in good or excellent condition at 67%, while the market expected 66%. Although there was no decrease, the number also did not rise, which provides additional support to prices.