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Soybeans Have New Highs in Chicago As a Focus on Climate and Demand

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Soybean prices are slightly higher on the Chicago Stock Exchange this Thursday morning, May 16th. The oil futures continue the advance movement initiated last Tuesday (14) and, around 7:50 am (Brasilia time), rose between 5 and 5.75 points in the main contracts. Thus, July had $8.40 and August, $8.47 per bushel.

The market continues to focus on the climate adversities registered in the Corn Belt, which cause considerable delays in planting soybeans and corn from the 2019/20 crop. Today and tomorrow, according to forecasts, maybe days of rain truce, but they return after the 18th, approximately, and again stop the planting work in various regions.

However, the traders’ radars are also hedges of positions by the funds, which still happen, even if more timidly, and information on demand. On Thursday, the USDA (United States Department of Agriculture) brings its new weekly export sales report.

Expectations for the market, after a negative week in the previous period, range between 300,000 and 1 million tons. “The large margins are reflecting disappointing results in recent weeks,” says international consultancy Allendale, Inc.