The prices of Sojabohnenfutures on the CBoT rise for already seven weeks. This week, the biggest Wochenplus is probably listed since early April. It is the longest rally in this commodity contract for seven years. The price increase is driven by crop failures in Argentina, a Heartland of the soybean production.
The Buenos Aires grain Exchange has left its crop estimate for soybeans this week at 56 million tons. Many market participants but assume that the losses are bigger and that therefore later down needs to be corrected. Broker in the far East go this morning of it, that the price rally is not over yet.
As there were dry weather in Argentina in recent weeks, there now well precedes the bean harvest. The harvesting had made in April impossible week location heavy rainfall, causing a strong price increase resulted. There are concerns that there be shortages later in the Vermarktungssaison. Now there is speculation about the crop yield and quality of soy beans.
