Soybean futures were poised for a fifth consecutive week of gains for the week ending Sept. 22, reports Reuters, based on strong demand and dry weather concerns in Brazil, the world’s leading exporter of soybeans.
The Chicago Board of Trade most-active soybean contract was up 0.7% for the week, taking gains to more than 4.0% over the past five weeks. The USDA reported the latest weekly U.S. soybean sales at 2.3 million tons, besting trade estimates of 1.2-1.5 million tons. Private exporters also reportedly sold 132,000 tons of U.S. soybeans to China.
Meanwhile, Brazil’s soybean planting season has just begun, and current weather conditions are notably dry. While it’s still early in the season, dry weather could have a rippling effect in Brazil’s agriculture output.
Beyond its soybean campaign, dry weather could create delays in planting secondary crops like corn. (Source: Reuters))
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