Grains reacted to concerns about shipments passing through the Black Seasince the Russian leaders installed in areas of Ukraine close to the ports expressed their intentions to hold referendums to approve or not the accession of these regions to Russia.
“There is also talk that the president (Vladimir) Putin could block a renewal of the safe passage agreement between Ukraine and Russia, which expires in November,” he said. Terry Reilysenior agricultural futures analyst at Futures International, referring to the Russian leader in dialogue with Reuters.
The corn harvest The U.S. had been 7% filled as of Sunday, the USDA said after the market close on Monday, down from a median estimate of 10% according to a Reuters poll. The soybean harvest US was also below expectations: it was 3% complete, below estimates of 5%.
The slow pace of chinese imports and increased export sales by Argentina dampened the mood for US soybean exports.
Argentine sales were boosted after the announcement of the soybean dollar which offers a differential exchange rate to those who settle their crops of this grain during September. The objective of the Minister of Economy, Sergio Massa, was to reach the $5 billion in the month. The scheme grants $200 for every dollar.
However, this Tuesday the trend changed and the liquidation took a long time to pick up the pace it had in the previous days, as a result of the announcement of the central bank to prohibit exporters from accessing legal dollars. Secretary of Agriculture, John Joseph Bahilloand the monetary entity, came out to clarify that this did not affect the producers.
Source: Ambito
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