In the past trading week, the prices of CBoT soybeans increased again until yesterday. This is due to rising crude oil prices due to political unrest in Iran. In the meantime, the North Sea oil Brent-Future was already above 68 USD / barrel. The highest level in three years. Analysts are confident that prices will decline again as the energy supply is good worldwide, but it is uncertain whether and when the situation in the Greater East calms down. Fund companies are heavily involved in selling 69,000 lots of CBoT soybean futures. This makes the future vulnerable to uncontrolled breaking out when more unforeseen events happen. Parallel to the soybean future, the Matif rape future also developed stronger.
In Argentina, only 82% of the planned soybean areas were ordered at the turn of the year. There it is still too dry and sowing in January can not bring optimal yields. The government in Buenos Aires has now begun to lower the export duties on soybeans, soybean meal and oil.
In the US, ice drift on the Mississippi hinders the supply of soybeans from the Midwest.However, the worst cold is over there, which is now pushing the prices of CBoT agricultural futures slightly.
Text: HANSA Derivatives Trading GmbH
