Soybean prices increased slightly

According to MXV, at the end of the first trading session of the week, soybean prices recorded a slight increase, recovering after a plunge at the end of last week.

According to the Vietnam Commodity Exchange (MXV), investment cash flowed strongly into the world raw material market on the first trading day of the week (January 6). At the end of the session, the MXV-Index increased by 0.82% to 2,227 points, the highest level in nearly three months. Notably, the metal group led the increase with 7 out of 10 commodities increasing in price, in which silver prices continued to increase from the sessions at the end of last week; COMEX copper prices increased the most since mid-October. At the same time, in the agricultural market, commodities such as corn, soybeans and wheat also had positive developments.

Thị trường hàng hóa 7/1: Giá đậu tương tăng nhẹ

MXV-Index

Weak USD, increased buying power in the metal market

At the end of the first trading session of the week, the green color dominated the metal price chart. For precious metals, the price of silver continued to increase from the previous weekend sessions, increasing by 1.72% to 30.58 USD/ounce. On the contrary, the price of platinum turned down by nearly 0.6%.

Metal price list

In yesterday's session, the precious metals group received positive buying pressure after the USD weakened sharply in the afternoon session. The Dollar Index reversed and fell 0.64% to 108.26 points after the Washington Post reported that President-elect Donald Trump's advisors are considering plans to impose tariffs on all countries, but only on sectors important to the US national security or economy . This eased concerns that the US would apply the high tariffs as previously announced and reduced disruption to global trade flows.

The price of precious metals silver and platinum immediately rebounded sharply. However, the price of platinum still ended the session in the red because the increase could not offset the sharp decline in the price of the previous session. Moreover, towards the end of the session, the USD gradually regained its strength after President-elect Donald Trump denied that he would apply a less drastic tariff policy than previously announced.

For the base metals group, the weakening USD also supported the strong increase in copper prices in yesterday's session. At the end of the session, COMEX copper prices increased by 2.16% to 9,174 USD/ton, marking the strongest increase of this commodity in the past three months.

Copper prices also benefited from China’s signal of continued economic stimulus late last week, including both fiscal and monetary stimulus. Specifically, an official at the National Development and Reform Commission (NDRC) said China will increase funding from the sale of ultra-long-term treasury bonds in 2025 to boost business investment and consumer spending. In addition, the People’s Bank of China (PBOC) said the PBOC will increase financial support for technology development and stimulate consumption, while reaffirming that it will lower interest rates and reserve requirement ratios (RRR) at appropriate times to boost growth.

Soybean prices recorded a slight increase

According to MXV, soybean prices recorded a slight increase at the end of the first trading session of the week, recovering after a plunge at the end of last week. Weather conditions in Argentina and the weakening of the USD were the main factors supporting the market yesterday.

Agricultural product price list

Argentina's two major grain exchanges, Buenos Aires and Rosario, have recently warned that hot, dry summer weather conditions are starting to affect the 2024-2025 soybean crop. Abundant spring rains have previously created favorable growing conditions for crops, but the situation is now changing. The Rosario Grain Exchange (BCR) said that northeastern Buenos Aires and southern Santa Fe received just 35 mm of rain in December, well below the historical monthly average of 110 mm. Meanwhile, the Buenos Aires exchange said that the area with adequate or optimal water has decreased by 7%, accounting for only 81% of the total planted area. The worsening weather conditions in Argentina are raising concerns about the quality and yield of the current crop, which has been driving buying in the market.

Meanwhile, the Export Inspections report showed that US soybean deliveries were only 1.28 million tonnes, down from 1.64 million tonnes last week but still higher than market expectations. This decline is not too surprising due to the holiday season. In addition, the peak export season in the US is gradually coming to an end, but the delivery volume in the week ending January 2 was still quite impressive. This is also a factor that contributed to the buyers' dominance yesterday.

Prices of some other goods