Soy has a new day of losses this Tuesday in Chicago, still under pressure from the Coronavirus

Posted by Marina

Soy prices continue to operate low on the Chicago Stock Exchange this Tuesday (28th). Oilseed futures, around 8.50 am (Brasília time), lost between 7.50 and 8 points in the main contracts, bringing March to US $ 8.89 and May to US $ 9.03 per bushel.

The market, which was already pressured by the absence of demand from China in the USA, now feels the weight still of the spread of the coronavirus, which impacts the entire international financial market. The death toll has risen to 106 and the number of confirmed cases has risen to 4,500.

"Traders are trying to assess how coronavirus contagion will affect economies around the world. If we continue to see new cases emerging in the U.S., markets are unlikely to handle this news very favorably," Al Kluis said in a note. , international consultant for Kluis Advisors.

Oilseeds are still under pressure due to the arrival of the new offer from South America, with the Brazilian harvest evolving. According to AgRural, fieldwork has already been completed in 4.2% of the area. The consultancy's projection is for a crop of 123.9 million tons.

"Soy prices are approaching the lows recorded in early December. The indicators are close to the same levels observed when this minimum level was reached. Any pressure on foreign markets can keep bulls at the margins of the market," he says.

Source: Noticias Agrícolas