Soybean grain contracts record lower prices in electronic session negotiations on the Chicago Commodity Exchange (CBOT). The market is pressured by the acceleration of the dollar in relation to other currencies, making American export products less competitive. The better climate in South America and the progress of planting in Brazil, one of the largest oilseed exporters, complete the downward picture.
On the other hand, low production in Argentina, which boosted demand for North American bran and grains, as well as the rise in oil prices in New York, limit a further decline in prices.
According to analysts, US soybean crushing likely reached 5.249 million tons in September, equivalent to 175 million bushels, marking the highest crushing rate on record for this month.
Contracts expiring in November 2023 operate at US$12.86 3/4 per bushel, down 0.25 cents, or 0.01%, compared to the previous closing.
Yesterday, soybeans closed with higher prices. Concerns about the climate in Brazil and the United States and signs of strong demand for American products helped support prices in the second part of the session, after a start in negative territory.
Soybean grain contracts for delivery in November closed up 4.25 cents or 0.33% at US$12.87 per bushel. The January position was quoted at US$ 13.10 1/2 per bushel, a gain of 3.25 cents, or 0.24%, compared to the previous day.
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