The most active soybean futures contract on the Chicago Stock Exchange reached its largest daily percentage increase since March 1as traders digested what delays would mean for harvest prospects in places like North Dakota and Minnesota.
Thus, soybeans to July advanced 2.7% (US$16.72) to US$634.38 per ton, each time closer to its historical record of US$650 registered in 2012. In turn, the August position gained 2.4% (US$14.33) to settle at US$609.76 per ton. The strength of crude oil also supported soybeans.
In addition, the price of soybean oil gained 2% ($35.27) to $1,775.13 a ton, while meal rose 0.9% ($4.41) to $472 a ton .
For its part, Corn fell 1.1% and closed the session at US$300.58 a ton, due to weekly US exports below market expectations.
According to the United States Department of Agriculture (USDA), sales reached 210,000 tons, while operators projected between 350,000 and 1.3 million tons.
Finally, wheat fell 0.6% and stood at US$419.62 per tonfor technical sales.
Nevertheless, “The slow progress of spring wheat plantings in the northern region of the US Plains supports prices and limits falls,” the BCR said.
2.8% to $635.19, The oilseed, which had traded in negative territory for much of the global session, reached its highest price since February 24.
Source: Ambito
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