Soybean prices work with double-digit increases early this afternoon, Apr. 1st, on the Chicago Stock Exchange. Quotes were up more than 11 points in the main contracts, around 12:20 a.m., with May looking back at $9.00 and August being quoted at $9.17 a bushel.
News of optimism about the China-US deal – even if it does not come out in the coming weeks – is back on track and the market reacts. In this second, after all, the USDA (United States Department of Agriculture) announced a new soybean sale to the Chinese of more than 800 thousand tons.
In addition, the market continues to digest data from the USDA on 2019/20 planting area – which is expected to be about 5 percent lower than last year – and record US quarterly inventories at 74 million tonnes.
In the balance, attention to issues related to the trade war – with a delegation from China on its way to Washington this week – and the dollar’s progress.
More than that, attention is also focused on the climate issue in the US, with fieldwork about to begin in the American Midwest.