The new official data was below the 60% expected by the private sector, and in this scenario, soybeans rose US$13.41 compared to yesterday’s close, to settle at $608.48 per ton, with an increase of 2.25%.
While oil increased US$14.11 to US$1,454.81 per ton; and flour climbed US$11.46 to US$492.50.
Similarly, corn prices rose in Chicago due to the deterioration in crops revealed yesterday by the USDA and due to the water deficit that persists in areas of the eastern Great Plains, especially in Nebraska, and the northwest of the soybean belt and corn, particularly areas of Iowa and Minnesota. In detail, the USDA reduced the proportion of corn in good and excellent condition from 61% to 58%, compared to 64% at the same time in 2021.
Thus, the official data was below the 61% forecast by the private ones. In this frame, Corn was trading at US$245.17 per ton, up US$5.61 (2.34%).
For their part, wheat prices were trading higher due to the sudden deterioration in the condition of US spring wheat and the firmness of international demand, while the departure of ships from Ukraine continues to be monitored, among which not yet included to wheat among the loads dispatched by the Black Sea, highlighted the consulting firm Granar.
In its weekly report, the USDA yesterday marked the start of the spring wheat harvest, with an advance of 9% of the suitable area, compared to 35% at the same time in 2021 and 19% on average.
In addition, it reduced the proportion in good/excellent condition from 70% to 64% of the plants, a figure that is still well above the 11% of 2021.
The official figure was below the 70% expected by the private sector, and this caused wheat to go on to trade at US$292.11 per ton, with an increase of US$5.60 (1.95%).
Source: Ambito
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