The March oilseed contract rose 1.6% (US$ 9.46) to US$ 585.97 per tonat the same time that the May one did 1.5% (US$ 8.45) and stood at US$ 586.25 per ton.
The reasons for the rise lay in the cuts in production estimates for South America made by the USDA, added to the inclement weather that makes harvesting difficult in Brazil and continues to impact Argentine crops.
The US dependency cut the threshing forecast in Brazil compared to last month by 5 million tons to 134 million tons, while it reduced that of Argentina by 1.5 million to 45 million tons and that of Paraguay from 8.5 to 6.3 million tons.
Although the cuts were forceful, they were not located in the volumes expected by the market.
Nevertheless, “The fact that in Brazil the rains continue to affect the normal transit of harvesters in key areas such as Mato Grosso and that the weather forecasts predict little humidity in the coming days over a large part of the agricultural areas of Argentina makes operators think that the views today will not be the last adjustments”, marked the runner Granar.
Its by-products accompanied the upward trend of beans, with a rise from 1.71% (US$ 8.60) in flour to US$ 509.15 per ton, while oil climbed 1.18% (US$ 16.53) to position itself at US$ 1,413.14 per ton.
For its part, corn gained 2.29% (US$5.71) and closed at US$254.61 a ton and reached its highest value in 8 months.
The rises were motivated by concerns about South American crops due to the persistence of hot and dry weather.
In addition, the USDA cut its corn production estimates for Brazil by one million tons to 114 million.
By last, wheat advanced 0.80% (US$ 2.30) and stood at US$ 288.44 per ton, because the USDA “predicts lower global production and higher consumption, which leads to lower final stocks worldwide, also giving support to prices,” said the Rosario Stock Exchange (BCR).
Source: Ambito
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