Soybeans rose in value on the Chicago Stock Exchange this Monday (29/4), but prices should still be “sideways” in the short term, while market agents await news in the fundamentals. Soybean contracts expiring in July increased 0.40%, quoted at US$ 11.82 a bushel.
“At the moment, there are no fundamental factors for prices to rise so much. On the other hand, it is still early for soybeans to fall to levels well below current levels, as we are at the beginning of planting in the USA, and the water recovery of soils in some regions may cause a slight delay in sowing”, says Ismael Menezes, partner from MD Commodities.
According to him, the market’s attention is on the development of planting in American soils. Agents will wait for the progress of the harvest in the country and then define the direction of prices.
“If climate models confirm the expected rain forecasts for the next few days, we could see greater downward pressure on soybeans”, points out Menezes.
Finally, soybeans rose in the wake of bran, which advanced on the international market after the news that soybean processing industries in Argentina went on strike. The strike would be a protest against a labor reform project supported by Argentine president Javier Milei. The strike has an important impact on the market, as Argentina is the main exporter of bran in the world.
