Soybean prices rose slightly.

Báo Công thương•07/01/2025

According to MXV, soybean prices closed the first trading session of the week with a slight increase, recovering after the sharp drop at the end of last week.

According to the Vietnam Commodity Exchange (MXV), strong investment flows into the global raw materials market on the first trading day of the week (January 6). At the close of trading, the MXV-Index rose 0.82% to 2,227 points, its highest level in nearly three months. Notably, metals led the gains, with 7 out of 10 commodities increasing in price, including silver continuing its upward trend from the end of last week; and COMEX copper experiencing its strongest increase since mid-October. Simultaneously, in the agricultural market, commodities such as corn, soybeans, and wheat also showed positive performance.

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

MXV-Index

The US dollar weakened, leading to increased buying pressure in the metals market.

At the close of trading on Monday, gold prices were predominantly in positive territory. For precious metals, silver continued its upward trend from the end of last week, rising 1.72% to $30.58 per ounce. Conversely, platinum reversed course and fell nearly 0.6%.

Metal price list

Yesterday, precious metals saw strong buying interest after the US dollar weakened sharply in the afternoon. The Dollar Index reversed course and fell 0.64% to 108.26 points after the Washington Post reported that advisors to President-elect Donald Trump were considering a plan to impose tariffs on all countries, but only on sectors critical to US national security or the US economy . This eased concerns about the US implementing high tariffs as previously announced and reduced disruptions to global trade flows.

Immediately afterwards, the prices of precious metals, silver and platinum, surged sharply again. However, platinum still closed in the red as the increase did not offset the sharp drop in price earlier. Furthermore, towards the end of the session, the US dollar gradually regained strength after President-elect Donald Trump denied reports that he would implement less aggressive tariff policies than previously stated.

For base metals, the weakening US dollar also supported a sharp rise in copper prices yesterday. At the close of trading, COMEX copper rose 2.16% to $9,174 per ton, marking its strongest single-day gain in three months.

In addition, copper prices also benefited from signals from China last weekend indicating continued economic stimulus, including both fiscal and monetary stimulus. Specifically, officials at the National Development and Reform Commission (NDRC) stated that China will significantly increase funding from the sale of ultra-long-term treasury bonds in 2025 to boost business investment and consumer spending. Furthermore, the People's Bank of China (PBOC) indicated it will strengthen financial support for technology development and stimulate consumption, while reaffirming its intention to lower interest rates and the reserve requirement ratio (RRR) at appropriate times to promote growth.

Soybean prices recorded a slight increase.

According to MXV, soybean prices closed the first trading session of the week with a slight increase, recovering from the sharp drop at the end of last week. Weather conditions in Argentina and the weakening of the US dollar were the main factors supporting the market yesterday.

Agricultural product price list

Recently, Argentina's two major grain exchanges, Buenos Aires and Rosario, issued warnings about hot, dry summer weather conditions beginning to affect the 2024-2025 soybean crop. Previously, abundant spring rainfall had created favorable conditions for crop growth, but the situation is now changing. The Rosario Grain Exchange (BCR) reported that northeastern Buenos Aires and southern Santa Fe received only 35 mm of rain in December, significantly lower than the historical monthly average of 110 mm. Meanwhile, the Buenos Aires Exchange stated that the area under cultivation with sufficient or optimal water levels has decreased by 7%, now 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 season, a factor that has been driving buying activity in the market.

In addition, according to the Export Inspections report, US soybean shipments totaled only 1.28 million tons, down from 1.64 million tons the previous week but still higher than market expectations. This decline was not entirely unexpected, coinciding with the New Year's holiday. Furthermore, while the peak US export season is drawing to a close, the volume of shipments for the week ending January 2nd remained relatively impressive. This factor also contributed to the buyers' dominance yesterday.

Prices of some other goods