Soybeans: High prices in Chicago ignore weak export data

Soybeans closed higher on Wednesday at the Chicago Board of Trade, despite weak weekly U.S. export figures. According to analysis by TF Agroeconômica, the positive movement was sustained by technical factors and expectations surrounding the international scenario. The March contract advanced 1.18 percent, or 13.25 cents per bushel, closing at 1137.25 cents. The May contract rose 1.12 percent, or 12.75 cents, to 1152.25 cents per bushel. Among the derivatives, March meal rose 1.62 percent to $307.90 per short ton, while March oil advanced 0.86 percent to 57.5 cents per pound-weight. The market found support in technical purchases by funds and optimism regarding diplomacy between the United States and China. The possibility of a meeting between the two countries' presidents in April had more weight in the negotiations than the weekly export report from the U.S. Department of Agriculture, which recorded sales of only 281.8 thousand tons, the worst performance of the current marketing ...