US: How the soybean market behaved on February 27, 2023

Updated Feb 28, 2023
The past week was marked by many fluctuations in Chicago prices. Speculations continue about crop failure in Argentina, the delay of the Brazilian harvest and the first figures on forecasts for the US crop have also been released. As a result, the contract maturing in March/23 ended the week quoted at U$15.29 a bushel (-0.13%) and the one maturing in May/23, at U$15.19 a bushel (- 0.13%). The Outlook Forum of the United States Department of Agriculture (USDA) indicated that the 2023/24 crop should not increase in area, but should increase productivity, and may have a harvest with record numbers, totaling 122.74 million tons. The market expected an increase in planted area. However, given the excellent production expectations, he interpreted the data as favorable for an increase in world supply, putting downward pressure on Chicago. Again, the neighboring country, Argentina, recorded a considerable deterioration in the conditions of its crops. According to the report by the Bolsa ...
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