The 9.5% drop in the price of a barrel of oil and “fears of a recession in the United States and the European Union, which invite speculators to liquidate positions and withdraw profits,” contributed to the decline, Granar explained.
For its part, corn fell 1.2% to $286.21 a ton, while wheat fell 1.8% to $286.5 a ton.
In the case of wheatis due to the steady progress of the harvest in the northern hemisphere and the entry of the merchandise into the world circuit, despite the fact that demand remains active with new purchases of US grain from Egypt.
Lastly, the corn It fell as a result of the weather improvement in the US, the collapse of oil and the advance of the South American harvest, added to the sharp drop in soybean and wheat.
The USDA, in a separate weekly report issued after the CBOT closed on Tuesday, rated 64% of the corn crop as good to excellent through Sunday, down 3 percentage points from the previous week. Analysts polled by Reuters had on average expected a decline of two points.
In turn, this entity rated 63% of the soybean harvest from good to excellent, compared to 65% the previous week. The average of the analysts expected a decrease of one point.
Source: Ambito
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