Soybeans gain momentum with rise in Chicago, but prices remain stable

The Brazilian soybean market saw increased activity this Thursday (23). According to analyst Rafael Silveira from consultancy Safras & Mercado, business flowed better than in recent days, driven by the more than 1% rise in the highs of the Chicago Board of Trade (CBOT). Despite this, domestic prices did not change much. According to Silveira, the premiums for the new crop fell slightly and the spot market remained firm, with no major fluctuations. The analyst adds that the focus of the producer remains on planting, still hampered by the lack of rainfall in part of the Midwest. "The dollar also had no impact on the market today," he added. Overall, trading showed more momentum compared to previous days. On the Chicago Board of Trade (CBOT), soybean futures contracts closed the day higher for grain and oil, with mixed quotes for meal. The movement was sustained by the strong appreciation of oil, almost 6% in New York, following U.S. sanctions on Russian companies, as well as ...