Soybeans rise again in Chicago this Friday and maintain focus on the Corn Belt climate

Soybean prices rose again on the Chicago Stock Exchange in the early afternoon of this Friday (12). The prices, after starting the day with a slight profit taking, moved into the positive field and, around 12:50 pm (Brasília time), they rose between 6.75 and 7 points, with all the main contracts above US$ 9, 00 per bushel. August had US$ 9.03 and November had US$ 9.24.

The market seems to have already surpassed the latest numbers from the USDA (United States Department of Agriculture) – which were quite bullish for the commodity, by the way, although they were within everything traders expected – and is returning to climate in the Corn Belt and also the development of crops in American fields.

At this time, forecasts indicate storms that could hit the Mississippi Delta region in the coming days, but open weather in other producing regions of the USA.

“The weather maps highlight the formation of an aggressive tropical storm over the Southern United States, offering rainfall totals between 70-300mm accumulated over the next 5 days. The Mississippi Delta region becomes the main region affected by this climate phenomenon, which could reach the southern tip of the Agricultural Belt at the beginning of next week”, explains consultancy ARC Mercosul.

The region accounts for almost 5% of all corn production and 11.5% of North American soybeans.

The trade war, even acting as a secondary factor on the market at the moment, remains strong on the players' radar. A consensus has not yet been found and American President Donald Trump has been complaining about the behavior of the Chinese regarding small agreements that were signed at the last G20 meeting and that were not being fulfilled, such as new purchases of agricultural products from the USA.

However, official sources in Beijing dismissed the American president, saying that such an agreement would not have been reached in Osaka.

Post: Marina Carvejani
Author: Carla Mendes
Source: Notícias Agrícolas

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