Soybean prices on the Chicago Stock Exchange experienced a morning rise this Friday (1). At approximately 7:20 am (Brasília time), the most traded contracts showed gains ranging from 8.25 to 11.50 points, with March quoted at US$ 11.39 and May at US$ 11.49 per bushel.
The market managed to recover a portion of the lows recorded in the previous session; however, as of now, there are no fundamental factors indicating a potential trend reversal. The absence of significant news not only constrains upward movements but also maintains a downward pressure on prices.
Simultaneously, traders conclude another week by closely monitoring various factors. These include weather conditions, the progress of the South American harvest, demand patterns, which are already known to the market with a more restrained pace, preparations for the upcoming US harvest, and the anticipation of a new report on area expected at the end of March. Additionally, attention is directed towards the macroeconomic scenario.
In yesterday's update, the USDA's weekly export sales report revealed concerning data on US soybeans, reaffirming their lack of competitiveness in the international market.
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