Brazilian market reflected the rise in the Chicago Stock Exchange; The prospect is that demand for US grain will increase after Argentina raises export taxes. The Brazilian soybean market showed higher prices on Wednesday, 4. The prices reacted to the combination of gains on the Chicago Stock Exchange (CBOT) and the surge in the dollar. The negotiations were carried out in several regions of the country, although in a smaller volume than on Tuesday. The prospect of increased demand for oil from the United States, after the Argentine government raised the export tariff from 30% to 33% and measures to stimulate the world economy amid the coronavirus outbreak supported the first positions. The soybean grain contracts delivered in May closed with an appreciation of 3.75 points, or 0.41%, compared to the previous closing, at US $ 9.07 per bushel. The July position had a price of US $ 9.15 per bushel, an increase of 1.75 points, or 0.19% in relation to the previous close. The most distant maturities were pressured by a technical correction movement and by the estimate of a wide soybean supply in South America.
Source: Canal Rural