Soybeans: Market leaves stability aside and starts to rise more than 1% in Chicago this Tuesday

Around 15:15 pm (Brasília time), prices rose between 10,75 and 11,25 points, with January/19 quoted at US$ 8,85 and May/19, US$ 9,11 per bushel. 

According to international analysts, traders are adjusting the market before the Thanksgiving break, celebrated this week in the United States, and correcting part of the drops of more than 20 points observed in the previous session. 

"The soybean market is moving cautiously today, after the widespread sales (of positions) yesterday across all grains. Slow sales, less-than-expected harvest progress, pre-holiday positioning, all of this is supporting prices," says Jason Roose, market analyst at US Commodities.

In addition, today there is also a new announcement of the sale by Americans of 123,567 thousand tons of the 2018/19 harvest to undisclosed destinations. The report, at a time of lack of news, ended up giving space to new, albeit small, gains for soybeans at the CBOT. 

Attention also turns, in addition to the issue of the dispute between China and the USA, to the positioning of investor funds. As ARC Mercosul analysts explained, the volume of short positions in soybeans has increased considerably in recent weeks. In the opposite direction, wheat brought a retraction of 14 thousand positions to the purchase side, according to the executives.

"The majority of soybean operators have remained on the short side since mid-June, with the start of the Trade War", says consultancy ARC.

In the USA, the soybean harvest went from 88% to 91% of the area in one week. The pace is still slightly below the average and that recorded in the same period last year, being, in both cases, 96% of the total.