For his part, the wheat leap 23% and positioned himself in u$s293.86 per ton, as a result of problems in European production and a “commercial dynamism of cereal that seems to remain robust in the United States, with expectations for high levels of foreign sales,” said the Rosario Stock Exchange (BCR).
Finally, corn gained 0.9% and was located in u$s244.57 the ton, due to the expectation of the funds that the USDA adjust the final stock volume of the cereal in the United States, in combination with the lack of rains in North American producing areas.
According to the consulting firm Granar, increase due to trader concerns about hot, dry weather in the United States, over the northwestern Midwest and over the eastern Great Plainsconditions that could affect the yield level of the plants.
Looking ahead to the monthly report that the United States Department of Agriculture (USDA) will publish on Friday, there is consensus that the volume of the harvest will be below the 122.61 million tons forecast in July.
As in the case of soybeans, the market considers that the USDA will reduce its estimate on corn production on Friday from 368.44 million tons in July. In addition, the export of corn from the Ukraine limits the increases.
However, the progress of the US harvest and the favorable prospects for production in Russia limit profits and even keep prices on the European market low.
Source: Ambito
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