Home Agribusiness Soybeans close the week renewing minimums this Friday

Soybeans close the week renewing minimums this Friday

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In a very negative week for the international market, soy prices closed another trading session on the Chicago Stock Exchange on Friday (25) and renewed their minimums in more than five months. Commodity futures ended the day with losses of 5.50 to 5.75 points on major contracts and May 2019 quoted at $8.53 a bushel. 

The alert now is so that this first position does not lose the level of $8.50, which would motivate new casualties, warns the director of the Labhoro Group, Ginaldo de Sousa. 

However, there are a number of negative factors still weighing heavily on the soybean market, with no signs of changes in direction. Until something new appears on the marketprices are expected to either continue to be pushed or kept in a way that is still very much lateralized, without the strength to leave a gap in which they have been frozen for more than a year. 

Among the weights that haunt business with the commodity are the absence of China’s demand on the world market — or its most latent limitation at this time — and fears about African swine fever that has been decimating millions of animals in the Asian nation, Sousa. 

“This is a matter of game change“, it changes the game in the whole sector,” says Douglas Coelho of “Radar Investments” when it comes to African swine fever that has already decimated millions of pigs in China, which has the largest population world. The disease has spread all over the nation, has been aggravating and already affects other countries in Asia, such as Vietnam, Japan, Mongolia, Cambodia. Parts of Europe have already registered cases.