Soybeans start week with slight increases in Chicago, United States looking at climate and conflict in the Black Sea
Sustainability & Environmental Impact
Market & Price Trends
Published Feb 12, 2024
Soybean prices have seen an increase on the Chicago Stock Exchange, with March and May prices at US$ 11.88 and US$ 11.95 per bushel respectively. This rise is due to market adjustments following a week of new numbers and forecasts of reduced rainfall in Argentina, Rio Grande do Sul, and Paraguay. Additionally, conflicts between Russia and Ukraine over the Black Sea could potentially affect Wheat and Corn shipments. Despite these factors, funds continue to predict low prices, with their short position increasing significantly each week.
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This Monday morning (12), soybean prices rose again after a negative closing in the previous session on the Chicago Stock Exchange. Around 9 am (Brasília time), prices rose between 4 and 5 points, with March worth US$ 11.88 and May, US$ 11.95 per bushel. The market is adjusting its positions after a very busy week, with a series of new numbers being reported. According to an analysis by Grupo Labhoro, the forecasts of the GFS and EUROPEAN climate models differ slightly, but both reduce rainfall for the next 5 and 10 days, mainly for Argentina, Rio Grande do Sul and Paraguay, which guarantees a certain support in soybean prices at the CBOT, if forecasts are confirmed. Another fact that helps support prices is the fact that Russia has accused Ukraine of launching Drones and attacking commercial ships, increasing conflicts over the Black Sea, which could reflect and hinder shipments of Wheat and Corn. But Ginaldo de Souza, director of Grupo Labhoro, remembers that the funds continue ...