The prices of the main grains closed with general falls in the Chicago market due to the good prospects shown in a report by the United States Department of Agriculture (USDA). and to the rains that were recorded in the coarse grain-producing regions of the northern country.
This way, the July contract for the oilseed decreased 2.1% to US$546.93 a ton, while the August position fell 1.9% and ended the day at US$530.67 a ton.
The decreases were a response to the monthly USDA report but also to the rains that are registered in areas of the north-central Great Plains and the US Midwest that will alleviate, at least partially, the still existing water deficit.
“Regarding the USDA report, the bearish side of the work was in the fact that the agency kept the trend average yield used to calculate 2023/2024 production unchanged,” said the analysts from the Granar brokerage.
Soybean meal accompanied the cuts in the price of beans, with a decline of 0.2% to settle at US$464.51 a ton, while oil rose 0.2% (US$3.31) in its July contract up to US$1,514.11 a ton. The rest of the positions closed with losses.
The price of corn, for its part, fell 3.8% and settled at US$216.43 a ton, as a result of the USDA monthly report and of the rains that fall in the coarse-producing regions of the United States that need moisture.
Based on the figures in the report, and taking into account the increase in US area revealed late last month, the USDA today projected the volume of the 2023/2024 US corn crop at a record high of 389.15 million tons, Granar specified.
In the same sense, the price of wheat fell 4.3% and settled at US$228.27 a ton, due to some data from the USDA monthly report; rains over North Dakota; the advance of the harvest in the Northern hemisphere; and the continuity of good Russian exports.
Source: Ambito
