The fundamentals of the decline were based on projections of greater US stocks of the grain and a planting intention above what was expected by the market.
According to the Córdoba Cereal Exchange (Bccba), the USDA reported that it estimates a soybean planted area of 36.81 million hectares in the US, which represents an increase of 1.5 million hectares compared to the previous year and a difference compared to what was expected by the operators of almost 900,000 hectares.
As for stocks in the North country, 52.6 million tons were reported, 23% more than in March 2020 and almost 800,000 tons above market forecasts.
This scenario of greater ease in the supply of beans also depressed the prices of by-products.
In this framework, oil fell 3.2% (US$50.26) to US$1,541.89 per ton, while flour fell 1.18% (US$6.17) and concluded the day at $515.32 a ton.
For its part, wheat fell 2.1% (US$7.81) and stood at US$369.64 per ton.
The Rosario Stock Exchange (BCR) explained in this regard that apart from the progress of the talks between Russia and Ukraine to achieve a de-escalation of the confrontations, “France, in its role as Rotating President of the European Union, proposed that the countries with cereal surpluses release reserves to limit the impact of war on poorer countries, which would limit threats to global food security”.
Finally, Corn gained 1.4% (US$4.28) and stood at US$294.77 per ton, as a result of USDA reports showing a decrease in the storage of yellow grain and a lower than expected planting in United States.
Source: Ambito
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