“They’re not a big repeat buyer for us,” said Ted Seifried, vice president of Zaner Group. “The tight balance in old crop soybeans is what is keeping July soybeans in particular propped up,” he added.
On April 20 the price of soybeans rose, closing at US$641.82 a tonbringing it one step closer to reaching its all-time high on September 4, 2012, when it traded at $650.74.
The ton of wheat also grows. This session rises 1.3% to US$387.55. A large wheat purchase by Egypt and a report that the US government may retroactively increase the ethanol blending mandate drives up the value of the grain.
Wheat futures encountered technical resistance on Wednesday after a two-day pullback earlier in the week, fueled by diplomatic efforts to create a Black Sea shipping channel for Ukrainian grain.
For its part, corn fell slightly 0.07% to US$287.69.
Source: Ambito
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