The Changes of Soy's Value had an Impact in Argentina

09/19/2022

Soy started moving in Chicago and intensified in Argentina


After the monthly report of the United States Department of Agriculture (USDA, for its acronym in English) that last Monday reported world supply and demand data, a soybean market that had returned to dynamism in recent days was further revived.

It was just a surprise for soybeans. The USDA estimated that yields were lower than traders expected. The reason is the drought that has been affecting the United States for several months. Otherwise, the conclusions of the report are in line with expectations.

How soy increased its value in EE.UU

During the past week, we continued to see more positioning after the USDA report. The market is now waiting to see how the numbers may change in October with the formation of several different opinions and particularly on soybean yields in the US. Before that, we will have the quarterly stock report on September 30th. Recession fears continued to weigh on the market following a higher-than-expected CPI in the US, especially any product associated with food demand.

When you look at the scenario forward it gives the impression that we have little bullish news and a lot of bearish news and the market is looking to define a direction.