For the second day in a row, soybeans closed yesterday with heavy losses in the Chicago market and were below US$500 per ton for the first time in the last 10 months. Precisely the oilseed registered a fall of 2.3% and closed at u$s489.8.
Among the fundamentals, the rhythm of soybean planting 2023/2024 in the United States stands out, which, after the reloading of profiles in recent days, now counts as an ally with dry weather in a good part of the main agricultural areas. The absence of purchases by China and the sharp fall registered by oils in the international market also had an influence.
In its crop evolution report, the USDA reported that the advance of the US soybean crop reaches 49%, above the five-year average. Weak demand for US exports puts additional pressure on prices.
Corn, meanwhile, fell yesterday 3.65% to u$s220.9. Regarding grain contracts, the great Brazilian harvest weakens exports from the United States, which depressed prices. Added to this is the rapid advance of the US harvests, which are reaching 65%, exceeding the five-year average.
On the other hand, wheat futures fell 3.8% to u$s229.1.
Source: Ambito
