Soybean prices traded on the Chicago Stock Exchange operated throughout the day on a positive basis, increased their gains over the trading session and ended the session with more than 13 points in the main maturities.
The market behaved in a technical way, taking back some of the latest casualties, bringing March / 19 back to the level of US $ 9.00 per bushel, closing at US $ 9.07 on Thursday (17), while May/19 was $ 9.21.
With little news, traders cling to the scant information circulating in the market, including losses seen in Brazil and weather forecasts for the coming days in the country. In addition, the repurchases of positions by the funds also contributed.
Reuters International, market analyst at Summit Commodities said that “position hedging is still being seen after last week’s generalized sales“ when the market was still speculating on the rumors of the advance – considered timid by some professionals – of trade negotiations between China and the United States.
On January 30 and 31, the Chinese and US delegations are meeting again and the market is waiting for news about the talks, and especially more concrete details of their next actions.