The November contract for the oilseed fell 1.2% (US $ 5.24) to US $ 432.84 per ton, a new low for the year, while January did so by 1.4% (US $ 6.25) to settle at US $ 436.70 per ton.
The fundamentals of the decline lay in “the wet weather forecast for a large part of the Brazilian producing areas in the coming days, where the advance of sowing remains ahead of the average of the last 5 years; and the rapid advance of the last section of the US harvest”, specified the runner Granar.
Likewise, the possibility that this Tuesday in its monthly report the USDA will raise its projections on production and ending stocks in the US also contributed to obtaining negative results.
With this new decline (the fourth in a row) the price level of soybeans fell to the lowest since mid-December 2020.
Its by-products accompanied the decline, with a contraction in the price of oil of 1.2% (US $ 16.09) to US $ 1,279.76 per ton, and a retraction of 0.3% (US $ 0 .99) in flour to reach US $ 365.74 per ton.
Similarly, corn fell 0.3% (u $ s0.59) and stood at u $ s217.12 per ton, thus completing his fifth round followed with drops, as a consequence of “accelerated pace of the harvest in the last seven days without rains on the soybean / corn belt, the inactivity of Chinese demand and the lack of consensus regarding the final volume of production in the United States”, Granar pointed out.
In counterpart, wheat advanced 0.2% (u $ s0.55) and stood at u $ s282.19 per ton and ended with a streak of 4 negative days.
“In addition to a rearrangement of fund positions, the market kept its focus on global demand that continues to be active despite the increase in prices in the preceding weeks”, Granar sentence.
Source From: Ambito
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