Cereals today led the rises in the Chicago market, with improvements above US$ 6 per ton, while soybeans closed with losses in their prices.
Wheat advanced 2.69% (US$ 6.6) and closed at US$ 251.7 a ton, as a result of the instability in the duration of the safe grain corridor in the Black Sea.
“Russia has indicated that it is possible that it will not agree to extend the terms of validity of the humanitarian corridor unless the West removes the obstacles to the export of Russian cereals and fertilizers,” said the Rosario Stock Exchange (BCR).
For its part, corn jumped 2.38% (US$ 6.1) and settled at US$ 262.9 a ton, both due to tensions in the Black Sea and new exports of US yellow grain to China.
As for soybeans, the May position fell 0.13% (US$0.7) to US$550.8 a ton, while the July contract fell 0.39% (US$ 2.1) and stood at US$ 539.2 a ton.
The rationale for the price decline lay in Brazil’s huge crop, which “will most likely set an all-time record this year is putting downward pressure on this market as threshing progresses and nears completion and grain enters the market in large volume”, they marked from the BCR.
Flour accompanied beans, with a decrease of 0.82% (US$ 4.2) to US$ 506.8 per ton, while oil closed stable at US$ 1,184.7 per ton.
Source: Ambito
