Apart from the drought that affected activity in several places in Brazil and Argentina, there are also concerns about the quality of Brazilian grains also contributing to the bullish momentum, as persistent rains in the Mato Grosso region are causing high humidity. in harvested oilseed grains.
Likewise, this productive slip in South America would lead to a greater demand for US soybeans, and in this sense, the USDA reported the sale of 507,000 tons to unknown destinations.
Locally, the firmness of the soybean price partially offsets the drop in production, which reduces the impact on the reserves of the Central Bank (BCRA). According to a report from a renowned consultant, the value of the 2021/2022 harvest would fall very slightly compared to the previous campaign, and the drought would not be comparable to that of 2018.
Wheat, meanwhile, ended with gains driven by a general solidity in the commodity markets, which motivates purchases by investment funds.
In addition, tensions between Russia and Ukraine and expectations of higher US exports provided support for prices.
A) Yes, The values quoted for wheat today in Chicago reached US$282.9 with an increase of US$2.5 (0.9%) compared to Friday’s close.
Finally, corn futures ended with gains underpinned by gains in soybeans. Thus, corn reached a value for March of US$250.6 with a daily rise of US$6.3 (2.6%).
Source: Ambito
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