Soybean prices surged.

The commodities market at the start of the week continued to be dominated by geopolitical tensions in the Middle East. Concerns about supply disruptions pushed up agricultural prices through demand for biofuels, helping to maintain broad buying interest. At the close, the MXV-Index rose 0.37% to 2,883 points, remaining above the 2,800-point mark for the sixth consecutive session.

The sharp rise in the energy market amid concerns about supply disruptions not only supported oil prices but also spilled over into agricultural commodities, particularly soybeans, through the biofuel channel.

At the close of trading on Monday, CBOT July soybean futures rose 1.2% to $438 per ton – the highest level in nearly a month and a half – while soybean meal prices increased nearly 3% to $361.3 per ton.

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According to MXV, the main driving force comes from the increased attractiveness of biofuels as oil prices remain high. This has led to a significant improvement in demand for soybean oil – a key input for biodiesel production – thereby supporting the overall price level of the entire soybean supply chain.

Besides demand, the market is also affected by supply issues, as some shipments of soybean meal from Argentina were rejected for import into Europe due to concerns about the genetically modified HB4 variety. This development forced importers to shift to supplies from the US, contributing to price increases.

*European Union soybean imports. Source: MXV*

Furthermore, oil pressing operations in the US continue to maintain high efficiency with profit margins of approximately $129.34/ton, indicating that processing demand remains positive and contributes to maintaining strong buying pressure in the market.

Regarding capital flows, investment funds continued to increase their long positions with nearly 20,000 additional contracts across the soybean group. Soybean oil alone recorded approximately 17,000 new contracts. This reflects the trend of expanding long positions amidst persistently high energy prices. Overall, the performance of the soybean group shows a clear spillover effect from the energy market, reflecting a combination of both supply and demand factors in the short term.

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In the domestic market, the supply of soybean meal remains abundant, meeting demand until the end of May. The current May offer price is around 12,000 VND/kg, while prices for longer maturities range from 11,200-11,700 VND/kg. Import prices from South America to domestic ports are generally in the range of 424-439 USD/ton.

Source: https://congthuong.vn/gia-dau-tuong-bat-tang-len-cao-454218.html