Inside: Grains & Raw Material
Soybeans take price increase along
Soybeans are currently in a price rally on the US stock exchanges. The increase is largely driven by concerns about lower domestic yields.
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Choose the subscription that suits youThe November contract on the Chicago Stock Exchange settled at $981 per bushel on Wednesday. A plus of $7,25 cents. The climb is driven by technical sales, strong demand from China, but also by the idea that the American harvest is not as large as the USDA estimated in October.
Reduction of revenue estimate
Last month, the USDA recorded a reduction in its 2017 crop forecast of 49.5 bushels per acre. However, analysts now assume that the next estimate will be lower again.
Furthermore, the dry weather in South America is causing trade concerns. As a result, sowing work in Brazil and Argentina is being delayed. This could extend the United States export season, allowing for more volume. For the short term, the trend is upward.
The closing price of Soybeans on the CBoT.