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Soybeans remain in positive field and rise strong with an eye on US weather and…

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The soybean market continues to rise in the trading session of this Wednesday (11) at the Chicago Stock Exchange, following the neighboring markets – corn and wheat, in addition to oilseed derivatives – and other commodities, with oil rising more than 5% at the beginning. of today’s afternoon. Thus, close to 13:05 (Brasilia time), quotations rose between 15 and 19.50 points in the main contracts, taking July to US$ 16.07 and August to US$ 15.64 per bushel.

Volatility continues, as well as the division of traders’ focus between fundamentals and the path of the financial market, where there are many uncertainties still hovering over investors, leading them to safer assets. In the fundamental scenario, all attention remains on the weather in the United States, which should present better conditions for planting in the coming days.

However, the market awaits confirmation of these conditions so that the pace of sowing, which is one of the slowest in history, is due to excessive rainfall in several key grain production regions in the United States.

“Weather forecasts seem to change every day and today the models show a wetter pattern towards the end of this week and the beginning of the next, especially for the northwest of the Corn Belt”, explains the market analyst of the American portal SuccessfulFarming, Al Kluis.

The map below, from NOAA – the official weather service for the United States – shows that heavy rainfall is still expected over the next five days – May 11-16 – in states such as Minnesota, Wisconsin, parts of Iowa, Missouria , in addition to the Dakotas.

WhatsApp Image 2022-05-11 at 13.21.05 (1)
Rain forecast for the next five days – Map: NOAA

In addition to the weather in the US, the market also monitors the financial, demand behavior and awaits the new monthly bulletin from the USDA (United States Department of Agriculture) that will be reported this Thursday (12).

The report arrives with all the first estimates for the 2022/23 crop, long awaited by traders.

Per:

Carla Mendes | Instagram @jornalistadasoja

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