Oil rises almost 3% in Chicago and pulls up soybean and meal prices this Tuesday in United States

Published 2024년 9월 24일

Tridge summary

The Chicago Stock Exchange has seen a significant increase in soybean complex prices, with the December contract rising over 2% to 42.86 cents per pound. This surge is primarily due to gains in oil futures and other vegetable oils, such as palm and canola. The prices of soybeans have advanced more than 1%, with November and May contracts at US$ 10.53 and US$ 10.95 per bushel respectively. The rise in soybean prices is also attributed to a ship accident at the Vincentin terminal in Rosario, Argentina, and concerns about adverse weather conditions in Brazil. Additionally, the market is receiving support from China's most significant stimulus package since the pandemic. Furthermore, the dollar has fallen over 1% against the real, reaching R$5.46, which is also contributing to the increase in soybean futures.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The soybean complex continues to register strong gains on the Chicago Stock Exchange in the session this Tuesday (24), with oil futures leading the gains. Around 11:40 am (Brasília time), the prices of the derivative rose more than 2%, with the December contract reaching 42.86 cents per pound. In bran, gains of more than 0.8% among the most traded positions, with the first worth US$ 331.40 per short ton. Thus, both bring important fuel to the prices of the grain, which have advanced more than 1% - or increases of 12.50 to 13.75 points - with November worth US$ 10.53 and May at US$ 10.95 per bushel. The oil market follows good increases in oil - which reached more than 2% earlier in the day - in addition to gains in other vegetable oils, such as palm and canola on Tuesday. Furthermore, the derivatives market is also supported by news from Argentina about a ship accident at the Vincentin terminal - a reference for Argentine derivatives - in the port of Rosario. "This terminal has a ...

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