At 9:46 am (Brasilia time) this Monday (30), the May soybean contract traded on Chicago Stock Exchange (CBOT) It was operating with a slight increase of 3.25 points and 0.28%, quoted at US$ cents 1,162.50/bushel. The July contract advanced 3.00 points and 0.26%, to US$ cents 1,178.25/bushel. In the last trading session (27), futures retreated 1.24% and 1.20%, at US$ cents 1,159.25/bushel and at US$ cents 1,175.25/bushel, respectively. Regarding the derivativesMeanwhile, oil prices rose 1.78%, still reacting to the news that the United States is expected to expand the use of biofuels, according to new standards released by… U.S. Environmental Protection Agency (EPA) Last week, in contrast, bran lost 0.68%.
War in the Middle East boosts the market.
This morning, the rise in prices also reflected the escalation of tensions in the Middle East, involving the US, Israel, and Iran. US President Donald Trump raised the stakes by suggesting the possibility of controlling Iranian oil and mentioning the island of Kharg—an important export hub for the country. Furthermore, approximately 3,500 US troops were deployed to the region last week.
USDA report on the radar
Market attention is also focused on the release, on Tuesday (31), of the planting intention report. U.S. Department of Agriculture (USDA)The consensus indicates increase in soybean acreage in the US…with the migration of corn and wheat acreage due to rising fertilizer and fuel costs—factors that affect crop profitability. There is also an expectation that the spring wheat acreage will reach its lowest level since 1970. Also on Monday, the… USDA will release the weekly export report, which should provide new clues about international demand for U.S. soybeans.
This text was translated by machine from Brazilian Portuguese.