The losses for soybeans that are suffering these days have also shown great volatility, with increases in nearby positions due to greater demand from China. This agricultural product recorded the lowest price for two months.
On the day, the contract of corn led Tuesday’s decline with -6.2%, reaching US$288.47, wheat with -5% touching US$294.5 and soybeans with -2.9%, reaching US$ s585.24.
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 its monthly report for July, the USDA projected a cut in soybean ending stocks from 7.6 to 6.3 million tons compared to June, a volume that operators estimated at 5.7 million; corn stocks grew from 35.6 to 37.3 million tons, 700,000 tons more than expected by operators and with respect to wheat, the report also added pressure, because the US dependency raised from 47.26 to 48 .47 million tons the volume of the US crop, from an improvement in the average yield.
Source: Ambito
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