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Soy: Lula’s double-faced environmental policies spark big uproar

June 30, 2023 at 12:38 PM , Der AUDITOR
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BRASÍLIA/BRUSSELS. While US market shares for soybeans are slipping, Brazil is on the rise. Traders here are presently assessing President Luiz Inácio Lula da Silva's decision to lift agricultural spending by 27% as compared with last year. Soybean quotations have run wild in Chicago.

Highly chaotic June in US

CBOT quotations for soybeans gained sharply throughout June before abruptly changing direction on Thursday. Analysts, in fact, state that soybeans had their biggest winning streak recorded for June in more than thirty years. Weather forecasts, however, prompted a selloff on Thursday as more rain is anticipated in July. Drought has held a tight grip on the market this month so far. The US Department of Agriculture’s acres and stocks report, which will be issued on Friday, will prompt further movement in the run up to next week’s

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