Soy advances in Chicago following global financial market and weak dollar

Soybean grain contracts register higher prices in electronic session negotiations on the Chicago Commodity Exchange (CBOT) this Monday (29).

The oilseed is supported by a movement of covering short positions by investors and by an improved global financial market. The dollar falls against other currencies and the stock markets in Asia and Europe operate positively.

Contracts expiring in May operate at US$ 11.65 1/2 per bushel, an increase of 6 cents, or 0.51%, in relation to the previous closing.

On Friday (26), soybeans closed with predominantly lower prices. On a day of little news and a lot of volatility, the fundamental scenario put pressure on prices, reducing the week’s gain to around 1%.

The better competitiveness of soybeans in South America and the good development of soybeans in the United States continued to be factors putting pressure on prices.

Soybean contracts for delivery in May closed down 3.25 cents, or 0.27%, at US$ 11.59 1/2 per bushel. The July position was quoted at US$ 11.77 1/4 per bushel, with a loss of 2.50 cents or 0.21%.