The soybean market is trading higher on Monday morning (13) on the Chicago Stock Exchange. Prices rose between 8.50 and 9.75 points among the most traded contracts, around 7:05 am (Brasília time), with March being quoted at US$ 10.22 and May at US$ 10.47 per bushel.

Soybean grain futures follow gains in other markets, especially soybean meal and wheat on the CBOT, while still reflecting the bullish figures released by the USDA (United States Department of Agriculture), thus renewing their highs in relation to recent months.

The market saw the American agency make significant cuts in its estimates for the 2024/25 scenario, with lower production, productivity and final stocks in the US, while also bringing a correction in soybean production and final stocks, thus prices continue to find support.

"The weather was dry throughout the weekend in the South of Brazil, Paraguay and Argentina. The climate maps show irregular weather for the next few days. The GFS model recently released for the next 10 days shows light rain for RS and predominantly dry weather for Argentina, with the exception of the province of Buenos Aires. Fortunately, temperatures will be below normal, according to the climate models. The GFS model shows heavy rain for SC, PR, Central West and MATOPIBA in the next 10 days", says the CEO of Grupo Labhoro, Ginaldo Sousa.

Also pay attention to the movement of the dollar, which has had a great influence on commodity prices in recent months. On Monday morning, the dollar index was up 0.3% to over 109 points.

Source: Notícias Agrícolas