Soybean futures rise for the second consecutive day this Monday, March 27, in the Chicago market, supported by an increase in oil prices from the oilseed.
After hitting five-month lows last week, the price of soybeans rose 0.9% to u$s529.74, so that in the last two days it accumulates a rise of 1.6% uu$s8.15.
For its part, corn was lower, retreating from the high of more than three weeks reached in the previous session, while wheat rose thanks to the coverage of short positions and uncertainty about Black Sea exports.
Private exporters reported selling 112,800 tons of corn to unknown destinations, the US Department of Agriculture reported.
Following strong Chinese demand last week, corn fell as traders speculated on weather conditions and planting times for new crops, analysts said.
“It’s all old crop versus new crop. Last week when the old crop corn was picking up, the new crop was doing nothing. This is a bit of a correction,” said Tom Fritz, a partner at EFG Group in Chicago.
The most active corn contract on the Chicago Stock Exchange (CBOT) was down 0.3%. Wheat, on the other hand, rose 0.9%.
Traders are also assessing uncertainties over the Black Sea grains deal after Russian business newspaper Vedomosti reported on Friday that Moscow may recommend a temporary halt to wheat and sunflower exports.
Sources told Reuters that Russia did not plan to halt wheat exports, but wanted exporters to ensure prices paid to farmers were high enough to cover average production costs.
Source: Ambito
