“The foundations of the rise lay in the firmness of exports and the US domestic market of the bean, added to the expectation of the operators that the Department of Agriculture of said country will cut the stocks in that country in its next report on world supply and demand of grains,” the operators said.
In turn, the rains in much of the Great Plains and the Midwest of the United States “could delay the remaining progress of bean planting,” indicated the Rosario Stock Exchange (BCR), which added firmness to the quotes.
Finally, Brazil’s soybean exports in 2021/22 could fall to 75.23 million tonnescompared to the 77 million of the previous estimate of the National Supply Company (Conab).
Oil accompanied the upward trend of beans, with an increase of 1.8% to US$1,828.48 per ton, while flour fell 0.4% and stood at US$458.11 per ton.
For its part, corn had a progress of 1% and closed at US$300.97 a tondue to “strong demand” for North American yellow grain, as well as due to crop cuts in the US Midwest.
In addition, Brazil’s total corn crop for 2021/22 could reach 115.22 million tons, compared to 114.59 million in its previous forecast, according to Conab estimates, which limited increases.
Finally, wheat rose 0.3% and stood at US$394.90 per tonas a consequence of “the uncertainty shown in the talks between Turkey and Russia for the reactivation of Ukrainian exports,” explained the BCR.
Source: Ambito
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