In the trading session this Friday (16), soybean prices traded on the Chicago Stock Exchange are working in a positive direction and seeking, once again, a recovery after yesterday's strong drops. Around 8:10 am (Brasília time), oilseed futures rose between 5 and 5.75 points, with November being quoted at US$ 8.75 and March/20, US$ 9.02.
The market divides its attention between its fundamentals – mainly those related to the demand for the new harvest in the United States – and political and financial market issues. There are still many uncertainties surrounding the new North American season, as well as the trade war between China and the USA.
At the same time, attention will also be focused on the climate in the American Midwest and forecasts for the coming days. Producers are very concerned about the biggest delay in crops in US history.
For Price Futures analyst Jack Scoville, all these uncertainties could still have an impact on price formation. According to him, the November contract could still lose around 10 cents on the dollar, with US$ 8.60 being the 'rock bottom'.
After all, there is still no certainty about the size of the harvest, precisely due to this severe delay in American fields.
Post: Marina Carvejani
Author: Carla Mendes
Source: Notícias Agrícolas
