Soybean prices maintain their positive path of the last week and have a Monday (11) of good highs on the Chicago Stock Exchange. Quotes rose more than 20 points on the main maturities, close to 8:00 am (Brasilia time), taking August to US$ 15.34 and November – reference for the American crop and the most traded contract now – to US$ 14.19 by bushel.
According to analysts and market consultants, oilseed futures, in addition to seeking a recovery after the intense losses, are also supported by the current climate condition of the Corn Belt. The last weekend was, once again, with below-expected rainfall, especially in the east of the belt, one of the main producing regions.
“The maps show continuity of warm weather for the entire American territory, with temperatures approaching 40ºC at the highs of the day. In general, crop conditions should continue to decline in Indiana and Ohio. Illinois”, explains Eduardo Vanin, analyst at Agrinvest Commodities.
The support also comes from the good rises registered among soy derivatives on the CBOT. Only among bran futures, the highs exceed 3% this Monday, while approaching 2% in oil. At the same time, the dollar index also rose – up 0.62% – while Brent and WTI oil retreated.
Among the stock indices, significant drops were also observed.
Here’s how the market closed last Friday:
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