On Monday it had reached a new high by closing at u$s582.3 before the uncertainty about South American production driven by climatic difficulties in the region.
After touching that maximum in 8 months, soybeans fell on the day due to profit taking and because Investors adjusted their positions in the USDA pre-release, which also added to the bearish momentum.
Likewise, the USDA reported new foreign sales of soybeans: one for 132,000 tons to China and another for 332,000 tons to unknown destinations.
Wheat ended the round with gains of $3.95 to close at $286.15 the ton underpinned by the persistence of the dry climate in the American plains, that affects the normal development of wheat.
In addition, the operators positioned themselves in view of the publication of the Monthly Supply and Demand Report on Wednesday, which also boosted the cereal.
Corn futures ended slightly lower on their closest positions, down $1.18 to close at $248.91 a tonne.
The declines registered in soybeans and the adjustment of positions in view of the publication of the Wasde put pressure on cereal prices. However, prospects for a meager South American harvest limited declines.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
