Thus, The November soybean contract rose 1.2% ($6.43) to $543.35 a ton, while the January position advanced 1.16% ($6.25) to settle at u $s545.46 a ton.
The fundamentals of the rises lay in a slower than expected progress of the harvest due to the rains of the last few days on the US soybean/corn belt.
“In this sense, on Monday the USDA revealed the progress of the collection over 3% of the area, compared to 5% at the same time in 2021, the average 5% and the 5% expected by the operators.“, detailed the runner Granar.
In the same vein, oil in its December position advanced US$14.55 to US$1,453.04 a ton, while flour rose US$11.13 to close at US$484.35 a ton.
While, Corn in its December contract rose 2.02% (US$5.42) and ended the day at US$272.43 per ton, also thanks to the slowdown in the US harvest after the rains of recent days and due to the persistent deterioration in the condition of the plants.
Finally, wheat grew strongly 7.61% (US$23.24) and stood at US$328.40 per ton, due to renewed fears about the safety of grain stocks in the Black Sea region.
“Concerns about the continuity of Ukrainian grain shipments were again triggered after the Russian leaders installed in the occupied areas of Ukraine established plans for referendums with the sense of joining Russia this week,” said the Rosario Stock Exchange. (BCR).
“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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