The futures of soy reached four-month highs in the Chicago Board of Trade (CBOT) as a result of the catastrophic floods in the Brazilian state of Rio Grande do Sulwhich could lose up to 15% of projected soybean production.
This Monday, the futures of the soy In July they rose up to 27 cents to $12.42 per bushel, a unit of measurement, reaching their highest level in four months, as did corn.
The prospects for the harvest of soy in the Brazilian state of Rio Grande do Sul continue to deteriorate after torrential rains flooded local fields, with around a quarter of the grains left to be harvested.
Prior to the climatological disaster, Rio Grande do Sul was on its way to being the second producing state of Brazil in the 2023/24 season, however, it now estimates potential losses of between 10% and 15%.
The state cooperative Cotrisal estimated a drop in the harvest of soy at around 19 million to 20 million tonnes, with analysts suggesting the state has around 5 million tonnes “at risk” due to flooding.
“From the center to the south of the state, I estimate that there could be between 30% and 40% of the area to be harvested,” said Hedgepoint’s senior relationship manager, Eduardo Three.
In addition to the material and productive losses that distance the harvest from Brazilian soybeans Of the 155 million tons, the torrential rains have already left a dozen dead or missing.
Next Friday, the Department of Agriculture of USA (USDAfor its acronym in English) will publish monthly forecasts for global supply and demand for the soy.
For their part, grain traders appear to be monitoring the progress of oilseed planting in the American Midwest in adverse weather, the president of Advanced Economic Solutions told Reuters. Bill Lapp.
The USDA increased the soybean harvest forecast for Uruguay
At the local level, the United States USDA projects that Uruguay will harvest a total of 3.2 million tons of soyan increase of more than 10% in projections, from the 2.9 million tons previously expected.
The forecasts of the North American portfolio for the year 2025 are even better, since the soy in Uruguay would report a harvest of 3.4 million tons.
Source: Ambito
