Soybeans Rise Again in Chicago

According to TF Agroeconômica, the soybean market at the Chicago Board of Trade (CBOT) recorded an increase this Monday, with the August contract rising 0.26%, closing at US$ 1,071.75 per bushel. The July soybean contract, a reference for the Brazilian harvest, remained stable at US$ 1,069.75. Soybean oil saw a significant appreciation of 8.89%, the highest in 20 months, reaching US$ 55.11 per pound-weight, driven by the rise in oil prices due to the crisis between Israel and Iran, and by the growing demand for biodiesel production. The market also benefited from the NOPA (National Oilseed Processors Association) report released this morning, which showed a record soybean crush in the USA for the month of May, totaling 5.25 million tons — a volume 5.01% higher than last year and 1.37% above April's total. This strong crushing increases domestic grain demand and stimulates prices, especially for oil. On the other hand, US soybean exports suffered a sharp decline last week, with ...