In this way, the August contract of the oilseed climbed 1.9%, until the u$s591.30 the ton, while the September position increased 23%, to end the day u$s535.36 the ton. For his part, the corn raised 2.5% and positioned himself in u$s242.11 the ton, thus completing its positive fourth wheel in a row. In the same vein, the wheat advanced 3.38% and closed operations in u$s300.20 the ton, fundamentally due to “the firmness of demand, with new international tenders that express the buyers’ interest in guaranteeing a fluid supply of grain,” Granar remarked.
Thus, soybean prices closed higher for the fifth consecutive round, underpinned by weather forecasts extended from 8 to 14 days that predict adverse conditions for crops, with temperatures higher than normal and with rains lower than the usual records for the Middle West and over the east of the American Great Plains.
“However, the second-rate corn harvest in Brazil, the world’s leading exporter of yellow grain, went from 39% to 62% of the target area in one week, stimulating seasonal pressures on corn prices and substantially limiting declines,” he said. the BCR.
“Furthermore, the appreciation that the real has been experiencing against the dollar has added its influence to the upward trend in soybeans, given that the competitiveness of Brazilian exports has increased,” grain broker Granar said in a report.
The appreciation of the Brazilian real against the dollar was also positive for corn prices, since it affects the competitiveness of the world’s second largest supplier of the cereal, which is raising the “safrinha”.
Source: Ambito
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