Soybean futures deepen declines and hit seven-month lows following the improvement of the dollar in the world and the climate outlook for South America.
The Chicago Stock Exchange soybean futures They deepen the decline this Monday, January 8, after the improvement of the dollar in the worldin the climatic perspectives for South America and particularly the fall of rain in Brazil.
In that context, the oilseed for March falls off $5.14 until the US$456.44. Meanwhile, the corn It also gave up US$6.15 to US$220.18.
The decline in soybean futures was due to the improvement in rain prospects in South America as the price of soybean has been falling sharply. soy oilone of the main by-products that had been demanded by the biodiesel industry.
Soybeans on the floor: what could move the price ammeter?
Cereal operators are waiting for the United States Department of Agriculture (USDAfor its acronym in English) publish on Friday, January 12, the quarterly reports on the cereal stocks in the country and monthly offer report and the demand. The market expects the entity to cut its estimate for Brazil’s soybean harvest.
Could the price of soybeans rise? “In the immediate future there are not too many bullish factors,” he stated in dialogue with Ambit Chief Economist of the Rosario Stock Exchange, Emilce Terre and added that “any surprise in the numbers can shake prices.”
“The main factor to look at in the medium term will be bean stocks in the US“If they adjust very strongly, that could put a floor on prices and cause some rebound, but at the moment it is very pressured,” he said.
He USDA reported on Friday that the soybean export sales 2023/24 from the United States In the week ending December 28 they were US$201,600 metric tons, below analyst expectations of 500,000 to 1,300,000 tons. Weekly corn and wheat sales also missed expectations.
Source: Ambito
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