On the day, the contract of corn leads Tuesday’s decline with 6.3%, reaching US$289.46, soybeans with 3.1%, reaching US$585.13 and wheat with 4.6% touching US$296 .61.
This new CBOT price quotation suggests how the international markets mark a bearish alignment of the commodities between inflation tensions and the rise in rates of generalized rates by the majority of the Central Banks to lower the general level of prices.
Supply and demand data from the Department of Agriculture (USDA) increased the pressure on grains, which are already they were affected by external influences such as drastically lower energy prices and a stronger dollar.
Previous weakness was driven by a new 20-year dollar highmaking commodity prices in the currency more expensive, and the likelihood of some rain for the Midwest in the coming week.
The agency reduced its forecast for US corn demand for the current season on Tuesday and raised its forecast for the domestic production of the grain, also cut its forecast for the US soybean crop. To this are added the persistent concerns about heat and drought that stress crops in the American Midwest.
In the middle of the turbulence in the Argentine economyYesterday soybeans and corn recovered the upward path in the international market to relieve local accounts that need more than ever a fluid income of dollars to meet the demand of the productive sectors and contain parallel exchange rates. Specifically, the week began with a slight rise for the oilseed but that placed it above US$600 per ton, while oil gained more than US$20 to conclude the round above US$1,300 per ton .
Source: Ambito
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