Soybean Closes Week Higher on CBOT

Soybeans traded on the Chicago Board of Trade (CBOT) ended the week with appreciation, reversing the downward trend observed at the beginning of the period. According to TF Agroeconômica, the oilseed had a strong boost due to the resumption of purchases in the futures market, supported by good domestic demand for soybean oil and a new trade agreement with Indonesia, an important meal consumer. On Friday (19), the August soybean contract — reference for the Brazilian crop — rose 0.61%, closing at US$ 10.27 per bushel. The September contract advanced 0.89%, quoted at US$ 10.21. Soybean meal for August also showed a strong increase of 1.97%, ending at US$ 274 per short ton, while soybean oil declined 0.71%, closing at US$ 55.82 per pound-weight. Besides the demand resumption, rumors of Chinese buyers seeking freight in the Gulf of Mexico signaled a possible return of China to American soybean purchases, after a long period of distance. Another decisive factor was the forecast of ...