Soy: prospects of lower production in Brazil and coverage of positions support Chicago in the US

Published Feb 27, 2024

Tridge summary

Soybean grain contracts on the Chicago Mercantile Exchange (CBOT) have seen a rise in prices, continuing the positive trend from Monday. This increase is due to investors covering short positions and the anticipation of a decrease in production in Brazil because of unfavorable weather conditions. The Brazilian soybean production for 2023/24 is projected to be 149.076 million tons, marking a 5.5% decrease from the previous season. The contracts due in May are operating at US$ 11.56 1/4 per bushel, showing an increase of 11.00 cents, or 0.96%, compared to the previous closing.
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Original content

Soybean grain contracts record higher prices in electronic session negotiations on the Chicago Mercantile Exchange (CBOT). The market extends Monday's positive tone. The grain is supported by a movement of covering short positions by investors and by expectations of lower production in Brazil, the largest exporter of the oilseed. Adverse weather in producing parts of the country affects yield estimates for this crop. Check out hot information about agriculture, livestock, economy and weather forecast in the palm of your hand: follow Canal Rural on WhatsApp! According to Safras & Mercado, Brazilian soybean production in 2023/24 is expected to total 149.076 million tons, a 5.5% decrease over the previous season's harvest, which stood at 157.83 million tons. Contracts expiring in May operate at US$ 11.56 1/4 per bushel, an increase of 11.00 cents, or 0.96%, in relation to the previous closing. Yesterday (27), the oilseed closed with mixed prices. On a volatile day, the first ...
Source: CanalRural
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