Although the news about Chinese stimulus measures provided support for soybeans in the weekly rise, traders are still somewhat nervous about the poor performance of the oilseed.
The market of soy experienced an excellent day, and is on track to close a week of profits. In the wheel, the bean in the Chicago Board of Trade (Chicago Board of Trade, CBOT in English) rises 2.1% to US$390.5 and in the week it accumulates a rise of 5.4%, after recording its fourth increase in the last five wheels.
On Thursday, the most active CBOT soybean contract closed down 12-1/4 cents, settling at $10.41 per bushel. It previously hit $10.64-3/4 per bushel, surpassing the previous two-month high recorded earlier in the week.
Wheat on the CBOT finished down 5 cents at $5.84-1/4 per bushel, while December corn fell 2 cents to $4.13-1/4 per bushel.
Grains: what data the market analyzes
Although news of Chinese stimulus measures lent support to soybeans early in the session, the market struggled to shake off the bearish sentiment that has been weighing on soybeans in recent months, traders said. Although this Friday it rebounds.
They also warn that the drought delays the start of the soybean planting campaign in Brazil, although operators say that rains next month could allow field work to get underway on time.
For their part, winter wheat planting rates in Russia have fallen to their lowest level in 11 years due to drought in the main producing regions, consulting firm Sovecon reported on Wednesday. Traders said they are watching the annual small grain summary reports and quarterly grain stocks from the United States Department of Agriculture (USDA) that will be published next Monday.
On the other hand, the position of speculators before the end of the month and quarter also limited interest in the grain and oilseed markets for much of the session, brokers indicated.
Source: Ambito
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