Amidst crop insecurity in Brazil, Soy records its first weekly rise in 1-1/2months.

Soy futures in the US have seen their first weekly gain in a half-month due to concerns over Brazil’s crop. On Friday, U.S. soybean futures closed higher in the near-term contract and lower in the deferred months. Traders are closely monitoring the potential arrival of beneficial rains in Brazil’s arid regions, as crop losses could increase demand for American soy exports.

Soybean futures have recently been supported by the strong demand for Brazilian soy cargoes and the country’s dry production; nevertheless, estimates indicate that beneficial showers may begin in northern Brazil late next week.

At the Chicago Board of Trade, the most active soybean futures, Sv1, finished 1-3/4 cents higher at $13.15-3/4 a bushel. For the week, the contract increased by 0.9%, marking the first weekly rise since early November.
The Chicago Board of Trade reported that exporters sold 134,000 metric tonne of soybeans to China and 447,500 metric tonne to foreign countries.

The USDA announced a daily soybean sale for the ninth consecutive session.
As revealed by NOPA (National Oilseed Processors Association) the US soybean crush in November exceeded most trade predictions and reached the second-highest level for any month , indicating strong domestic demand.