The reasons for the increase were based on market concerns that the rains forecast for some regions of southern Brazil and central Argentina are insufficient to stop the deterioration of crops.
“The persistent drought that affects large areas of South America will result in a lower grain production, which supports prices”explained the Rosario Stock Exchange (BCR).
However, weather forecasts indicate that rains would arrive next week in southern Brazil and northern Argentina, although their intensity is not known with certainty.
Soybean by-products accompanied the advance of beans, with an improvement in oil of 2% (US$29.54) to US$1,476.41 per ton, while flour climbed 2.4% (US$ s11.68) to settle at US$495.67 per ton.
For its part, corn gained 1.4% (US$3.54) and stood at US$254.71 per ton, as a consequence of the hot and dry climate in the main producing areas of the region. In addition, technical and opportunity purchases also boosted prices.
By last, Wheat rose a slight 0.1% (US$0.28) and ended the day at US$286.78 a ton, due to the prevailing uncertainty regarding the conflict in Russia and Ukraineboth responsible for 30% of the grain supply worldwide.
Although the withdrawal of some Russian troops from the border with Ukraine was reported, NATO denied such a maneuver, which kept the market volatile.
Source: Ambito
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