As explained by the Rosario Stock Exchange (BCR), the price of cereal “overcame a context of uncertainty within the framework of a firm world demand for wheat that is now facing few providerspotentially limiting global wheat consumption”.
In addition, the grain broker Granar added that “among the reasons that prolonged the firmness of the prices were the very poor state of US winter wheats in the countdown to the beginning of the harvest, and the delay in planting the spring grain”.
In that sense, yesterday the United States Department of Agriculture (USDA) reduced the proportion of winter wheat in good/excellent condition from 29% to 27% and left it far from 48% at the same time in 2021.
For its part, the July soybean contract gained 1.3% (US$8.1) to US$616.7 a ton. The fundamentals of the rise lay in “a strong delay in the planting of US soybeans, mainly in North Dakota and Minnesota, which could complicate the productive prospects for the coming campaign,” said the BCR.
The oil accompanied the upward trend of the beanwith an advance of 0.5% (US$9.3) to US$1,838.8 per ton, while flour fell 0.4% (US$1.9) and positioned itself at US$ s454 the ton.
By last, corn fell 1% (US$3.1) and stood at US$315.6 per tona, due to the fact that the sowing progress of the yellow grain in the United States was in line with what was expected by analysts, which “reports improvements in the pace of planting, also improving the productive prospects.”
Source: Ambito
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