At the same time, the May contract of the soybeans advanced 1.2% (US$7.17) to US$588.73 the ton, while the July position marked an increase of 1.4% (US$8.18) to end the day at US$583.86 per ton.
Soybean by-products accompanied the positive trend with a rise in meal of 1.1% (US$5.62) to US$501.65 per ton, and an increase in oil of 1.6% (US$25). .13) to end the session at US$1,594.80 per ton.
In addition, corn climbed 2.1% (US$6.10) and ended the session at US$295.46 the ton.
Ukraine’s grain exports in March were four times lower than in February due to the Russian invasion, the country’s economy ministry said on Sunday.
Ukraine’s winter wheat harvest and spring planting remain uncertain as exporters look for ways to ship the grain by rail as seaports remain blocked by the Russian military.
Meanwhile, corn futures were buoyed as private exporters reported the sale of 1.084 million tonnes of US corn to China: 676,000 tonnes for delivery in 2021/22 and 408,000 tonnes for delivery in 2022/23, according to reported the United States Department of Agriculture.
“We haven’t seen one this big in I don’t know how long,” said Joe Vaclavik, president of Standard Grain. “More than half of that sale is corn that they intend to deliver before the end of August.”
Among the factors that influenced the increases, “the 2022/2023 horizon projected by the USDA last week with a smaller area destined for corn; and the continuity of the war in Ukraine, which complicates spring planting plans, in particular, corn,” Granar pointed out.
Also influencing the results was “the chance that the sale of E-15 will be enabled in the United States throughout the year, which would favor a growth in the demand for ethanol, and an important sale of US grain to China,” added the entity.
Source: Ambito
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