Soybean operations have recently come under pressure from forecasts of record production in Brazil.
The soybean futures of the Chicago Stock Exchange closed higher this Tuesday, thanks to the short position covering since he market extended its recovery from the four-year low reached last week. The corn futures They also advanced, while those of the wheat fell before U.S. grain markets in the run-up to the holiday Christmas.
The oilseed for March they rose 0.6% to US$358.34 per ton, while the corn climbed 0.2% to US$176.57 and the wheat sank 1.1% to US$196.48.
Soybean futures have recently come under pressure from forecasts of record production in Brazilwhich is the world’s largest exporter of the oilseed and competes with the United States for global sales.
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Matt Wiegandcommodity broker risk management company, FuturesOne, of Nebraska, said those expectations should be largely factored into the market for now. A recovery in soybean meal futures, which also sank to a 2020 low last week, helped support the grain.
The strong dollar weighed on grain markets as it makes U.S. farm products look more expensive in export markets, traders said.
He United States Department of Agriculture is scheduled to release weekly grain and soybean export sales data on Friday, a day later than usual due to the Christmas holidays.
Source: Ambito
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