The foundations of the rise lay in the market concerns regarding South American production of the bean, specifically in the Brazilian one, which is expected to be lower than that stipulated at the beginning, indicated the Rosario Stock Exchange (BCR).
Thus, the American consulting firm StoneX cut its forecasts to 126.5 million tons, from the 134 million foreseen in its previous projections.
This new estimate was below those made by the consultants AgRural and AgResource, which calculated a harvest of 130 million tons.
“This drop in Brazilian production would lead to greater export demand for the US oilseed, which drives prices”, maintained the BCR.
Its by-products also ended the day on the rise, with a jump of 4.1% (US$18.85) in flour to US$480.60 per ton, while oil advanced 1.6% (US$22 .27) to position itself at US$1,451.28 per ton.
For its part, corn gained 1.4% (US$3.44) and closed at US$249.90 per ton, due to the rise in soybeans, but also due to the crisis between Ukraine and Russia, since the former is one of the main exporters of the yellow grain worldwide.
By last, wheat improved 1% (US$2.85) and stood at US$282.53 per ton, due to the aforementioned conflict and due to opportunity purchases made by investment funds after yesterday’s declines.
Source: Ambito
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