Soybean futures contracts ended Wednesday (25) rising for the second consecutive session on the Chicago Stock Exchange. The contract due in March rose 0.77%, closing at US$11.4825 per bushel.
According to data from TradingView, the oilseed reached its highest level in three months, driven by optimism about demand for biofuels in the United States and the pace of exports to China, according to analysts.
The market also followed the movements of the United States Environmental Protection Agencywho reported having sent the proposal with new biofuel blend targets to the White House.
The expectation is that the regulation will be finalized by the end of March. Mixing requirements are considered one of the main demand drivers for soybean oil, directly influencing price formation.
Corn
In corn, the futures contract for delivery in March advanced 0.64% at the close of this session, quoted at US$4.3050 per bushel.
According to Agrinvest, gains were more moderate. The March contract undergoes settlement before the first day of notice, while the other maturities register appreciation.
The consultancy highlights that the weekly ethanol data in the United States, Brazilian exports at a stable pace and the confirmation of a purchase of 65 thousand tons by Taiwan, expected to originate in the USA, remain on the market’s radar.
Wheat
Wheat closed lower for the third consecutive day in North American markets. The March contract fell 0.61%, closing at US$5.6975 per bushel.
The pressure came from continued profit-taking by investors, following the gains accumulated in the previous two weeks. Additionally, weather forecasts indicate the likelihood of above-average rainfall over the 6- to 14-day horizon for important winter wheat-producing areas in the U.S. Southern Great Plains.
According to Granar, sales by speculators occurred despite the devaluation of the dollar against the euro, a movement that improves the competitiveness of American exports. On Euronext, March and May contracts also fell by R$2.25 and R$0.75, respectively, closing at R$193 and R$196.50 per ton.
