Soybean grain contracts for delivery in March closed up 3.00 cents, or 0.26%, at US$11.36 per bushel. The May position was quoted at US$11.45 1/4 per bushel, with a gain of 3.50 cents or 0.30%.
Soybean grain contracts recorded higher prices in electronic session negotiations on the Chicago Mercantile Exchange (CBOT), extending Monday's positive tone. The market is supported by a movement of covering short positions by investors and expectations of lower production in Brazil, the largest exporter of the oilseed. Adverse weather in producing parts of the country is affecting yield estimates for this crop.
According to Safras & Mercado, Brazilian soybean production in 2023/24 is expected to total 149.076 million tons, reflecting a 5.5% decrease from the previous season's harvest, which stood at 157.83 million tons.
Contracts expiring in May operate at US$11.56 1/4 per bushel, marking an increase of 11.00 cents, or 0.96%, in relation to the previous closing.
Yesterday (27), the oilseed closed with mixed prices, experiencing a volatile day where the first positions rose, and the most distant retreated.
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