Overview
- March futures hovered near US$418 a tonne after touching US$417.87, closing at US$416.31 for a 1.6% weekly gain and the strongest levels since mid‑November.
- Heavy rains in central Brazil, especially Mato Grosso, slowed harvest and transport, with official data showing Mato Grosso 51% harvested, while analysts still see broadly satisfactory yields.
- The USDA now pegs Brazil’s crop near 180 million tonnes, underscoring ample supply even as near‑term weather keeps risk premia in prices.
- Demand signals improved as the USDA confirmed a 108,000‑tonne U.S. soybean sale to Egypt and reports indicated Presidents Trump and Xi could extend a trade truce, prompting speculative buying.
- Investment funds added length and strength in soybean oil tied to biodiesel demand helped the complex, though oil pared gains Friday, as a softer dollar and firmer real and yuan supported flows despite mixed weekly U.S. sales data.