The soybean market continues its upward trend from the previous session and rises again on Thursday morning (2) on the Chicago Board of Trade. "Soybeans have rebounded from their lows, and the decline of the dollar is certainly one of the reasons for the recovery," says market analyst Eduardo Vanin from Agrinvest Commodities. "The rise in stocks and the improvement in Brazil's credit rating (by Moody's) should push down the exchange rate today, which will continue to increase the cost of soybeans and corn from Brazil."
Thus, around 7:05 am (Brasília time), soybean futures rose from 8 to 11.25 points. May was quoted at $11.67 and July at $11.80 per bushel. Soybeans were also driven by the increases of over 1% in corn and nearly 2% in wheat on the CBOT, also continuing their recent gains. Meanwhile, the market remains focused on U.S. planting, which is progressing well under very favorable weather conditions and at a brisk pace. Analysts and consultants say this is one of the fastest plantings in recent years. Forecasts indicate continued good rainfall for the coming days.
China is on holiday until Friday, leaving the market somewhat emptier of new demand news, and this is another point of focus on the market radar for market participants.
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