The July oilseed contract fell 3.07% (US$18.37) to US$579.08 a ton, while the August contract lost 3.51% (US$19.47) to settle at US$535.26 per ton.
Similarly, the price of oil collapsed 4.95% (US$70.33) to US$1,350.09 per ton, while flour fell 1.54% (US$7.83) au $s498.90 a ton.
For its part, wheat continues its downward trend and loses 0.42% (US$1.29) to end the day at US$304.15 per ton. Lastly, the closest corn contract fell 2.98% ($8.86) to close at $288.18 a ton.
Thus, Agricultural commodities extended Friday’s strong negative trend, when wheat reached pre-Russian invasion values in Ukraine.
According to the analysis of the Rosario Stock Exchange, “Soybean futures are trading lower as prices are under pressure from the good weather forecast for the US crop, coupled with concerns about demand from the world’s top importer, China.”
In addition, he indicated that “wheat contracts are trading in negative territory as a result of certain signs that grain shipments from the Black Sea region could be reactivated.”
In the case of corn, he pointed out that “it is trading with an uneven balance, adjusting losses in most of its positions, after the rains of the weekend improved the prospects for the yield of the crop in the US Midwest.”
Source: Ambito
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