
Soybean prices are rising again on the Chicago Board of Trade this Thursday morning (9), recovering from significant losses in the previous session. Quotations were up by 2.75 to 5.75 points on the most traded contracts, around 7:30 a.m. (Brasília time), taking July and August to $12.33 per bushel. It's not just soybean futures traded on the CBOT that are rising, but also corn and wheat, with the latter leading the advance.
Agricultural commodities are rising almost universally after losses from the previous session. In the case of grains, and especially soybeans, traders are not only monitoring rainfall conditions here in Rio Grande do Sul, but also the weather in the U.S. for the 2024/25 planting season and demand behavior. They are also adjusting their positions ahead of the arrival of the new monthly supply and demand report from the USDA (U.S. Department of Agriculture) scheduled for Friday (10). The report will bring the first projections for the new North
American season, adding a bit more anxiety to the markets. The new numbers will be released at 1 p.m. (Brasília time) this Friday. After all, expectations are for the U.S. 2024/25 crop to see a significant increase in soybean-dedicated acreage. Traders also await the new weekly export sales figures, also provided by the USDA.
Attention is also drawn to the new highs of soybean meal on the CBOT - and the possible new strikes in Argentina - as well as slight losses in oil.
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