March 22, 2004
CBOT Soybean Futures Rally On News Of High Brazilian Soybean Production
Chicago Board of Trade soybean futures rallied to new highs in midday trading on talk of private analytical firm Sparks, Cos., reporting a bullish Brazilian soybean production figure.
Sources said Sparks estimated the 2003-04 Brazilian soybean crop to be 50.7 million metric tons. However, it was also rumored the new figure was 50.4 million tons or 51 million tons.
These figures are lower than the 55.75 million tons Sparks was said to have projected in February.
In the March U.S. Department of Agriculture supply and demand report, the Brazilian production estimate was lowered to 59.5 million tons due to unfavorable growing conditions in January and February.