The March contract for the oilseed rose 0.6% ($3.49) to $588.46 a tonne -the highest since May 2021-while the contract of May did so by 0.5% (US$2.76) to end the day at US$589.19 per ton.
The foundations of the rise lay in the market concern regarding dry weather in South America and its impact on prices. “The deterioration in the crops in Argentina and Brazil could lead to a greater export demand for the US oilseed and gives support to the prices”, explained the Rosario Stock Exchange (BCR).
In this way, the United States Department of Agriculture (USDA) reported the sale of 198,000 tons to unknown destinations, “thus adding the fourth consecutive day with announcements of foreign sales of soybeans”, maintained the BCR.
Oil accompanied the rise with an improvement of 1.1% (US$16.75) to US$1,489.64 per ton, while flour fell 0.3% (US$1.43) and stood at US$493.72 per ton.
For its part, Corn advanced 0.7% (US$1.67) and stood at US$257.57 per ton, before the possibility of new cuts in the estimations on the South American harvest.
“The lack of rainfall that has been affecting several of the main productive regions of the continent continues to affect the normal development of crops, so the loss of yields could continue,” detailed the Rosario Stock Market.
Lastly, the wheat fell 0.1% (US$0.37) and closed at US$292.85 a ton, for technical sales and profit taking.
Source: Ambito
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