Soybeans return from the long weekend operating at a high on the Chicago Stock Exchange this Monday

After the holiday and long weekend, the soybean market resumes business and begins a new month with highs on the Chicago Stock Exchange. This Monday (1), around 7:10 am (Brasília time), prices rose from 3.50 to 6.50 points in the most traded positions, with May being quoted at US$ 11.97 and August with US$ $12.10 per bushel.

Support for grains comes, in part, from increases of more than 1% among soybean oil futures on the CBOT, with the first position being quoted at 48.55 cents per pound. In neighboring markets, declines in bran, corn and wheat, with the latter leading the losses.

Despite the increases, the CBOT soybean market is still finishing digesting the latest numbers from the USDA (United States Department of Agriculture) on planting intentions for the 2024/25 North American harvest and the country’s quarterly stocks.

“Some investors will have to make adjustments to their positions in CBOT, as the numbers brought some changes when compared to expectations and the emotional side undoubtedly contributed to the final closings”, states the general director of Grupo Labhoro, Ginaldo Sousa.

Even so, the weather conditions in South America for the conclusion of the 2023/24 harvest and the behavior of demand, in addition to the macro scenario, remain on traders’ radar.

See how the market closed last week: