Chinese stagnation limits soybean advance, says consultancy

The movement of soybean prices in Chicago regained strength on a day marked by expectations about the U.S. supply. According to TF Agroeconômica, the market saw signs of a possible lower production in the United States, a point that is expected to be clarified in the USDA's supply and demand report scheduled for Friday. This environment kept the grain rising throughout the session, supported mainly by the advance of the meal. According to the consultancy, the numbers of the day showed appreciation in the main contracts of the oilseed. November closed with a gain of 0.65 percent, while January rose 0.58 percent. Thus, the meal for December advanced 1.29 percent, offering additional support to the market. The oil, on the other hand, declined slightly, reflecting a more restrained behavior of the demand. The consultancy highlights that, despite the positive reaction, the momentum remains limited by the weak pace of Chinese purchases. In this scenario, it is possible to affirm that ...