The futures of Chicago Stock Exchange soybeans They fell this Friday, but scored to your first weekly profit in a month and a halfunderpinned by strong demand for supplies from the United States and concerns that dry weather will reduce yields in top exporter Brazil.
The most active soybean contract fell 0.2% to $481.88. Wheat rose 1.9% to Au$230.56, while corn advanced 0.5% to Au$189.56.
Soybeans accumulate a gain of around 0.6% so far this week, in what would be its first weekly increase since the beginning of November. In the same period, wheat lost about 1.7% and corn fell 1.3%.
The strong demand for American shipments and the drought that threatens Brazilian production have supported soybeans on the Chicago Stock Exchange, but there are forecasts of beneficial rains in Brazil.
Commodity Weather Group said forecast models show rains that would temporarily relieve the heat and dryness in northern Brazil starting late next week.
Traders are closely monitoring forecasts as crop losses due to bad weather in Brazil could boost demand for US soybeans in the global market. “We depend on the South American climate, without a doubt,” said Don Roose, president of US Commodities brokerage.
The U.S. Department of Agriculture said in a daily reporting system that exporters sold 447,500 metric tons of U.S. soybeans to unknown destinations and another 134,000 metric tons to China. It was the eighth consecutive session in which the USDA announced a soybean sale.
President Joe Biden’s administration said it will recognize a methodology promoted by the ethanol industry in targeting companies seeking to claim tax credits for sustainable aviation fuel, a critical victory for the U.S. corn lobby.
The decision helped support corn on the Chicago Stock Exchange, although the market remains directionless, brokers said.
Source: Ambito