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Soybeans: Prices in Brazil Still Do Not Attract Sellers and Businesses Remain Limited and Punctual

In Chicago, despite positive signals, the market still has to continue to walk sideways and still lacks the strength to set a bullish trend. Speculation intensifies over new USDA numbers and 2019/20 US crop.

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Soybean market on the Chicago Stock Exchange (CBOT) is approaching the closing of the session with slight increases in the main salaries.

Vlamir Brandalizze, a market analyst at Brandalizze Consulting, points out that this move is considered interesting in a week that would normally be weak due to the Asian holiday. However, China bought 612,000 tons from the United States, when the normal of this period would be liquidation and light casualties.

US shipment numbers, however, were not very optimistic, although they were slightly above the previous week.

Brandalizze also comments that China’s new year is considered the “year of the pig,” so this market tends to consume more of the animal’s protein, which is the main point of demand in the soy sector.

Meanwhile, soybean-producing North American producers are unable to deliver because of winter in the United States. In Brazil, sales are stalled, as producers are uncertain about what the final condition will be.