The August oilseed contract rose 1.2% ($7.62) to $628.13 a ton, at the same time as the September one did it for 0.7% (u$s4.13) to finish the day at u$s558.60 the ton.
The foundations of the rise lay in the water stress that affects the crop in the producing areas of the US and the possibility that the USDA will make a cut in the production estimates for that country in the report that will be presented tomorrow.
Nevertheless, “Weekly soybean sales have been falling in six of the last seven weeks, with uncertainty regarding the evolution of final bean stocks in the United States”marked the Rosario Stock Exchange (BCR), an issue for which profits were limited, which during the day rose to US$15.
Its by-products also had a positive day, with an advance of 2% oil (US$31.08) up to US$1,586.64 the ton, while the flour it gained 0.9% (US$5.07) to position itself at US$573.41 a ton.
How much did corn close in Chicago
For its part, corn rose 1.3% (US$3.15) and closed at US$247.72 a ton, as a consequence of the hot and dry weather affecting crops in North America, which could lead to a cut in the supply of; yellow grain.
Added pressure was the cut in the production estimate for Brazil by the National Supply Company of that country (Conab) from one million tons to 115 million.
How much did wheat close in Chicago
Finally, wheat rose 1.4% ($4.04) to $297.90 per ton, as a result of the dollar’s weakness against the world’s main currencies, which makes the North American grain more competitive.
Nevertheless, “an acceleration of shipments from the Black Sea could slow down the bullish rally that has been observed in recent days”warned the BCR.
Source: Ambito
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