Soybeans rise in Chicago this Friday and the November contract already exceeds US$ 8.80 per bushel

The soybean market rises on the Chicago Stock Exchange this Friday (19). Oilseed futures, around 8:40 am (Brasília time), rose between 5 and 5.50 points in the main maturities, taking July to US$ 8.78 and November to US$ 8.81 per bushel. 

Strong demand for the 2020/21 US harvest, according to analysts and market consultants, has been an important support factor for prices. There are still some uncertainties regarding the remainder of the old harvest, however, expectations are quite positive. 

Alongside demand, the market's other focus remains the climate in the US and, this week, more specifically, the divergence between the main climate models. 

On June 20th, this weekend, summer begins in the United States. Along with the season, the North American producer receives an extra dose of concern and eyes almost every day turned to the sky, waiting for the best possible weather conditions for a crop that was planted very quickly this year, with the soil perhaps a a little too humid – which left the roots somewhat superficial – and without much rain so far. 

“Soybeans in Chicago continue to resist pessimism and downward pressure”, believes market consultant Steve Cachia, from Cerealpar. “The focus today will be on climate forecasts for the US soybean and corn belt and the possibility of new purchases of American soybeans by China”, he adds.

Still supporting oilseed prices is also the rise in oil prices this Friday. WTI on the New York Stock Exchange rose more than 3% this morning, taking the barrel to surpass US$ 40.00. 

Source: Notícias Agrícolas

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