News

USA: Soybeans rise in Chicago this Friday with a strong rise in bran and repurchase of positions after recent declines

Soybean
Oil & Fats
United States
Market & Price Trends
Published Apr 13, 2024

Tridge summary

The soybean market in Chicago is witnessing a notable uptick in prices, with the most actively traded contracts climbing between 7.75 to 11.75 points in the afternoon, spurred by buying interest after recent price drops. This positive momentum is largely fueled by a surge in soybean meal prices, which is a consequence of unfavorable weather conditions in Argentina impacting the 2023/24 harvest and crop outlook. In parallel, soybean oil futures have registered gains, adjusting to the latest USDA reports and market anticipation surrounding the forthcoming North American harvest and weather forecasts for the American Midwest. The corn and wheat futures markets in Chicago are also seeing upward movements, aligning with the trends observed in soybean prices.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

"Buying opportunities after the recent declines generates support for the soybean market in Chicago", states Pátria Agronegócio about the upward movement in oilseed prices this Friday (12). The market has been recovering much of the losses of recent days and, around 2:20 pm (Brasília time), the most traded contracts rose from 7.75 to 11.75 points. So May was back to $11.71 and August was back to $11.81 per bushel. The soybean market is in a time of transition and needs new, strong news. Until then, as analysts and consultants explain, it will continue to test both sides of the table. Thus, the upward movement of soybean meal - which rose more than 2% this afternoon - helps this Friday of recovery. "The appreciation of bran is influenced by the very rainy climate in Argentina. The scenario is causing delays in the harvest and a drop in crop conditions in 2023/24", states the Agrinvest Commodities team. Earlier, soybean oil futures also rose, which started to make profits, also ...
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