Soy maintains stability in the US at the beginning of the week
Soybean
United States
Market & Price Trends
Published Mar 26, 2024
Tridge summary
The article provides an update on the agricultural commodity markets, focusing on the early morning trading in Brasília. It reports minimal price changes in soybean contracts for May and August, with the market eagerly awaiting new USDA data on planted areas. This period marks the transition between the end of the 2023/24 harvest in South America and the start of the 2024/25 harvest in the United States. Dry weather in Argentina and Brazil is speeding up the soybean harvest, leading to speculation about an increase in the soybean planted area. The article also mentions investment funds' short positions and the potential for adjustments in anticipation of the USDA report. Additionally, it notes a rise in soybean oil futures, a slight decrease in soybean meal futures, an uptick in wheat futures, and stable corn futures at the Chicago Board of Trade (CBOT).
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
At around 7 am (Brasília time), prices showed minimal variations, with a slight increase of 1 point in the May contract, quoted at US$ 11.93, and a small drop of 0.25 points in the August contract, trading at US$12.02 per bushel. The market is divided between the end of the 2023/24 harvest in South America and the beginning of the 2024/25 harvest in the United States, with anticipation for the new data that will be released by the USDA in the coming days, mainly on the planted area. According to Ginaldo Sousa, general director of Grupo Labhoro, the weekend was marked by dry weather conditions in Argentina and much of Brazil, which accelerated the pace of the harvest. He highlights that the dry weather in Argentina in the coming days will favor the ripening of late soybeans and the harvest of early soybeans. Furthermore, Sousa mentions that there is speculation about a possible increase in soybean planted area, as predicted by the Outlook Forum held in February. Sousa notes that ...
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