Soybean price up 2.2% at the Chicago Stock Exchange

Rainfall forecasts for the next week on the main agricultural areas of the United States, when it will remain to sow about 40% of the area planned for the 2019/2020 campaign, have now allowed an increase of 2.2% of the price of soy. oilseeds on the Chicago Stock Exchange.

At the close of business, listings reflected increases of $ 6.89 and $ 6.80 in July and August soybean contracts, with adjustments of $ 322.61 and $ 322.61 respectively. $ 325.09 per tonne.

In news reports that hold the attention of US operators today, the US National Weather Service has predicted rainfall over much of the Midwest, both over an extended 6 to 10 day period. and on a projection of 8 to 14 days.

If these predictions materialized, after a window of good weather that had allowed soybean planting to increase from 39 to 60 percent of the area in the past week, the last part of the work would be complicated.

According to the details of the crop report released Monday by the United States Department of Agriculture (USDA), in the three major soybean producing states, namely Illinois, Iowa and Minnesota, 49, 70% and 79%, marks which in all cases were lower than those in force a year ago, when the 96, 98 and 98% were implemented, respectively.

What will happen over the next three weeks will give USDA technicians arguments to "adjust" the respective figures to the American soybean faced with the monthly report of the July farm estimates, as confirmed by Robert Johansson , chief economist of the body. "We did not have enough information to change the soybean figures in the June report, I think we'll see that adjustments will be made in next month's work," said the manager. The 2019/2020 production of oilseed in the United States. It was maintained at 112.95 million tonnes.

While the weather centered interest, another factor that accompanied the bullish tonic of Chicago soybeans was speculation among operators with a possible meeting between US presidents Donald Trump and China's Xi Jinping. , at the summit. G-20 leaders who will be between 28 and 29 of the current president in Osaka, Japan, nearly 15 months from the beginning of the trade war.

In the local market, the appreciation of the peso against the dollar (the parity rose from 44.50 to 43.47, according to the exchange rate of the buyer, the exchange rate of the National Bank ) prevented the transfer of external increases to the physical place. Indeed, the supply of factories, of $ 10,000 a tonne of soybeans for the Gran Rosario, was $ 100 lower than yesterday's value.

The improvement is reflected in the FOB value of soybeans in Argentine ports, which rose from 339 to 345 dollars. The Buenos Aires terminal market also increased, with the November contract increasing from $ 246.30 to $ 250.30 per tonne.