Soybean prices extend gains for third consecutive session

The Vietnam Commodity Exchange (MXV) said that green covered the world raw material market in yesterday's trading session (April 24). At the close, overwhelming buying pressure pushed the MXV-Index up nearly 1% to 2,215 points. In the agricultural market, soybean prices increased for the third consecutive session after nearly two weeks of accumulation in a sideways range.

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MXV-Index

Soybean prices record third consecutive increase

According to MXV, the agricultural market had its first recovery session after four consecutive sessions of decline. In particular, soybean prices continued to increase for the third consecutive session, up 1.12% to $390/ton.

Agricultural product price list

In addition, the harvest in South America continues to show signs of slowing. According to data from the Buenos Aires Commodity Exchange, in Argentina, the harvest has only reached 14.5% of the planned area, much lower than last year. Meanwhile, the Brazilian Grain Exporters Association (ANEC) has lowered its forecast for Brazilian soybean exports in April to 14.3 million tons, lower than its previous estimate. These factors indicate that competitive pressure on the international market is easing in the short term, contributing to the upward momentum of prices.

Weather-wise, there are no short-term concerns. Some areas of the southern and eastern United States remain wet, slowing planting, but rising temperatures are helping to dry out soils. Improved moisture in the west is considered positive. The latest update from the U.S. Department of Agriculture (USDA) shows that soybean acreage in drought has dropped by 21%, down from last week and almost the same as last year.

In addition, according to the weekly Export Sales Report, US soybean sales for the 2024-2025 crop year reached 277,000 tonnes in the week ending April 17, down 50% from the previous week. Soybean deliveries also fell 31.4% to 495,000 tonnes during the period. The decline in US sales and deliveries was still within market expectations, so the impact on prices in yesterday's session was not too large.

Soybean oil prices jumped 3.5% to $1,103 a tonne yesterday, supported by higher crude oil prices and concerns over Argentina’s crop.

Metal prices increased across the board

Prices of many metals increased simultaneously in yesterday's trading session. At the end of the session, silver prices reversed and decreased slightly by 0.13% to 33.5 USD/ounce. Meanwhile, platinum prices increased by 0.07% to 980.3 USD/ounce.

Metal price list

In the base metals market, COMEX copper prices reversed course and rose 0.26% to $10,705/ton. On the other hand, iron ore prices lost 0.79% to $99.45/ton.

According to experts at the CCIE-2025SMM Copper Industry Conference Forum, although China is actively promoting technology localization to meet the growing demand from the new energy, aerospace and industrial electronics industries, the output of semi-finished copper in 2024 will only increase slightly by 1.9% compared to the same period in 2023, reaching 21.3 million tons. This shows that the current copper supply is still not enough to meet the increasing demand in the world's largest consumer market, thereby supporting the increase in copper prices in the recent trading session.

On the other hand, concerns about supply disruptions at the Antamina copper mine in Peru have been eased as mining operations there are gradually returning to stability, somewhat curbing the rise in copper prices in the global market.

Meanwhile, iron ore prices are under downward pressure as India has just imposed a temporary safeguard duty of 12% on some imported steel products to prevent the influx of cheap steel into the domestic market. This is a trade protection measure to support domestic steel producers against competitive pressure from low-priced imports, especially from China. Not only India, many other countries are also considering and applying similar protection measures to protect the domestic steel industry. This situation has raised concerns about the risk of oversupply in the global steel market, thereby causing input prices such as iron ore to fall.

Prices of some other goods