Check out how the rise in Chicago, United States influenced soybeans in Brazil today

Published Jun 19, 2024

Tridge summary

Soybean prices in Brazil rose on Tuesday due to increasing prices on the Chicago Board of Trade and concerns about high temperatures in U.S. producing areas potentially affecting crop conditions. The USDA had already lowered the crop condition index from 72% to 70%, leading to technical purchases. Soybean futures for July closed up 1.4% at $11.74 per bushel, while the August position increased by 0.87% to $11.56 per bushel. Soybean by-products also experienced price hikes, and the commercial dollar ended the session up 0.20%, trading at R$5.4326.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybean prices went from stable to higher in Brazil this Tuesday (18). The Chicago Stock Exchange rose, and the dollar fell for most of the session, but it was of little relevance. According to Safras Consultoria, market movement was better on the day. Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed Tuesday with higher prices. Concern about high temperatures in producing areas in the United States, which could deteriorate crop conditions, ensured the recovery in prices, after yesterday's sharp drop. Given this scenario, agents chose to add a climate risk premium, ensuring the increase. On Monday (17), the United States Department of Agriculture (USDA) had already cut the index of crops between good and excellent conditions from 72% to 70%, which triggered technical purchases, which increased throughout the day with the bulletins indicating high temperatures and dry weather. Soybean contracts for delivery in July closed up 16.25 cents, or 1.4%, at ...
Source: CanalRural
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.