USA: Soybean on Chicago fluctuates with climate in Argentina and risk aversion

Published Apr 17, 2024

Tridge summary

Soybean grain contracts on the Chicago Board of Trade (CBOT) have shown mixed price movements in recent electronic session negotiations, influenced by a variety of factors. The market is currently facing downward pressure due to lower global demand, increased risk aversion, falling oil prices, a stronger dollar, and negative trends in European stock markets. However, concerns about potential delays in Argentina's soybean harvest, caused by prolonged rains, have offered some support to the prices. Despite these concerns, the May contracts were slightly down by 0.50 cents at $11.57 3/4 per bushel, continuing the downward trend influenced by weak demand for American soybeans and the competitive advantage held by South American soybeans, amidst broader market pressures.
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Original content

Soybean grain contracts record mixed prices in electronic session negotiations on the Chicago Board of Trade (CBOT). The market operates without a defined tone, oscillating between positive and negative territories. On the one hand, lower global demand and an external scenario of greater risk aversion weigh on prices. Oil falls in New York, the dollar accelerates against other currencies and European stock markets remain in the red. Positively, prices are supported by fears of delays in Argentia's ongoing harvest due to prolonged rains affecting the central region of the country, the Rosario Grain Exchange said. Check out hot information about agriculture, livestock, economy and weather forecast in the palm of your hand: follow Canal Rural on WhatsApp! Contracts expiring in May operate at US$ 11.57 3/4 per bushel, down 0.50 cents, or 0.04%, compared to the previous closing. Yesterday (15), soybeans closed with lower prices. Weak demand for American soybeans, with the South ...
Source: CanalRural
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