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Soybeans close in strong advance on the Chicago stock exchange

Posted by Rafael Moro

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Image: Pixabay

The May soybean contract ended the session this Wednesday (23) with a strong advance of 22.25 points and 1.31% on the Chicago Stock Exchange (CBOT), quoted at US$ 1,718.75 cents/bushel; July rose 19.75 points and 1.18%, trading at US$ cents 1,698.50/bushel.

In relation to derivatives, bran rose 1.74%, while oil rose 1.92%, driven by the expressive rise of WTI oil on the New York Commodity Exchange (Nymex) today.

It also supported the loss of productive potential in South America, in addition to the continuation of the conflict in Eastern Europe, which is heading for the 29th day, – together, Russia and Ukraine account for a quarter of the global grain market. The market follows the developments of the new Covid outbreak in China, in addition to the visit of President Joe Biden to Europe to deal with diplomatic matters.