The soybean market on the Chicago Stock Exchange continues the strong highs recorded in the previous session and has risen more than 3% on Monday morning (3). The quotes, around 7:50 a.m. (Brasília time), recorded gains of 43 to 59.25 points on the most traded contracts, taking August to US$ 14.98 and November to US$ 13.86 per bushel.

The futures of the oilseed still continue to reflect the figures updated by the USDA (United States Department of Agriculture) last Friday (30) that pointed to a considerable reduction in the area planted with soybeans in the 2023/24 harvest of the country. In the last session of last week, the commodity closed the day with more than 5% advance.

The soybean area was reduced from the March figures from 35.43 million to 33.79 million hectares. Market expectations ranged from 35.21 to 35.82 million hectares. In the previous harvest, the area cultivated with the oilseed was 35.39 million.

“Soy futures are at the maximums in two weeks. The new American and South American harvest has a maximum of four weeks. The soybean market turned upside down,” explains market analyst Eduardo Vanin, from Agrinvest Commodities.

The gains are intense among prices even with good rains having been recorded in important regions of the Corn Belt during the weekend. “Large volume of rainfall during the weekend in southern Iowa, the entire state of Illinois and much of Indiana. But the forecasts show a reduction in rainfall in the next seven days for these regions,” explains Vanin.

The market is now waiting for the new weekly crop monitoring bulletin that will point out the conditions of American crops at the end of the day this Monday.

In addition to the fundamentals, traders also line up before the Independence Day holiday, celebrated on July 4 in the United States and when the stock exchange in Chicago will not work.

Source: noticiasagricolas.com.br