The July contract fell 3.6% (US$21.86) to US$585.42 per ton; while the August position fell 3.6% (US$20.85) to US$553.82 per ton. It was the eighth fall of the oilseed in the last 9 rounds.
The grounds for the decline lay in a improvement in the climatic conditions of the producing regions of North America and a new drop in the price of oilindicated a report from the Rosario Stock Exchange (BCR).
The decision of large investment funds to divest massively of futures “concerned about symptoms of recession in the US economy, for which they accentuated the liquidation of contracts” also influenced, said grain broker Granar.
Added to this were the large drops recorded in the prices of oilseed by-products.
Soybean oil plummeted 4.2% ($65.04) to $1,492.73 a tonhit by declines in crude oil and higher sales of palm oil by Indonesia.
Soybean meal, for its part, fell 1.3% (US$6.28) and closed the day at US$470.35 a ton, due to an increase in Chinese stocks of the product, combined with higher merchandise sales by Brazil, encouraged by the devaluation of the real against the dollar.
Corn price in Chicago
In regards to cornthe price recorded a decrease of 2.8% (US$8.37) to position itself at US$293.98 per ton, because “The latest weather forecasts showed that some much-needed rains will arrive in key areas of the American Midwest, just as the crop is reaching the pollination stage that will determine its yield”indicated the BCR.
Wheat price in Chicago
Lastly, the wheat fell 4% (US$14.42) and stood at US$344.38 per tonhitting its lowest price since March 1.
“Open interest in Chicago wheat futures was the lowest since 2005, due to pressure from shrinking global stocks, potential progress in negotiations on a shipping corridor for Ukrainian exports, and risks of slower global growth.” ; all of which pushed prices down”explained the Rosario stock market entity.
Source: Ambito
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