Rain forecast drops soybeans in the US

The price of soybeans on the Chicago Cereals Exchange posted a Wednesday low of 5.50 points on the September 19 contract, closing at $ 8.8825 per bushel. Other outstanding maturities of the commodity at CBOT also closed the session with devaluations between 5.25 and 6.00 points.

The main futures contracts had another session of losses in the US soybean market, in anticipation of rains for the next two weeks. "Rainfall over major US producing regions could result in benefits for plant development. In addition, the market is still aware that the USDA surprised with the announcement of a 1% improvement over the good / excellent conditions, when the average of the analysts anticipated a decrease of this percentage, "points out T & F Consultoria Agroeconômica.

ARC Mercosul points out that the Chicago market has widened recent soybean futures losses over the last few hours today: "By the end of the morning, prices were steady, with no sharp fluctuations. Meanwhile, mid-day weather updates (Central Time) brought the rains on the north of the Agricultural Belt, which has been hit hardest by drought and high temperatures. The change of pattern should occur this weekend, when the arrival of precipitations between 20-40mm accumulated should promote the recovery of scarce water levels of soils. "

"ARC points out that the germination quality of this region has already been severely affected by excessive rainfall, resulting in a smaller population per area this year. However, the market understands that the most serious areas are located and do not yet threaten the harvest at the national level, "conclude the analysts.






Posting: Marina Carvejani
Author: Leonardo Gottens
Source: Agrolink