Strong demand in the U.S. and China indicates appreciation of soy
Last Thursday, the 26th, figures from the USDA (United States Department of Agriculture) on export sales indicated intensifying demand for soy. After starting the day with small dips, the soy market shot up again on the NYSE Chicago in the early afternoon. Prices rose from 24.75 to 36 points in the main maturities.
Soy futures are also following the strong increases in soy oil, which are up 2% on the CBOT and 1% in soy meal. The soy complex stands out and grows stronger. Oil climbs still supported by crude oil, which has once again intensified its highs and at around 12:20 pm (Brasília time), more than 3% ahead in both WTI and Brent.
Many trading companies in Brazil are already thinking of ending the export program in the next 15 to 20 days and in the USA, the available volume is getting smaller and smaller. On the demand side, China still needs to buy 10 million tons for July, August and September."
The figures also show that for the 2022/23 harvest, North American soy sales reach a record volume and already total 11.8 million tons.
More than export demand, domestic demand for soy in the United States is also very aggressive and the limited supply available at this time has become increasingly intense.
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