Soybeans advance in Chicago with government support

Soybeans traded on the Chicago Board of Trade closed higher on Thursday (2), supported by signs of political support in the United States and increased use of soybean oil in biodiesel production. According to information from TF Agroeconômica, the absence of official export data, not released due to the U.S. government shutdown, led the market to rely on government promises to compensate producers and expectations related to trade negotiations with China. At the day's close, the November soybean contract recorded an appreciation of 1.06%, equivalent to US$ 10.75 cents/bushel, ending at US$ 1,023.75. The January position rose 1.04%, to US$ 1,041.75/bushel. Soybean meal for October advanced 2.49%, reaching US$ 271.3/short ton, while soybean oil for October closed with a slight increase of 0.14%, at US$ 49.82/pound. The gains reflected the rebalancing of purchased positions after prices reached a six-week low earlier in the week. Another supportive factor came from President Donald ...